Well, it definitely does not rewrite readlink more than once. If you do not call it with unusual flags?
$ls
entropy share
$ls -l
total 0
lrwxrwxrwx 1 entropy users 14 Aug 8 14:26 entropy -> /home/entropy/
lrwxrwxrwx 1 entropy users 11 Aug 8 14:18 share -> /usr/share/
$ltrace ls 2>&1 | grep readlink
$ltrace ls -l 2>&1 | grep readlink
readlink(0xbfdbb6c0, 0x9549b90, 15, 0, 0xb75ceec8) = 14
readlink(0xbfdbb6c0, 0x954a148, 12, 0xbfdbb992, 0) = 11
$
ls readlink , . , . , , , , .