diff --git a/gcc/ifcvt.c b/gcc/ifcvt.c
index 78906d3..8f892b0 100644
--- a/gcc/ifcvt.c
+++ b/gcc/ifcvt.c
@@ -3191,6 +3191,7 @@ noce_convert_multiple_sets (struct noce_if_info *if_info)
   rtx_insn *jump = if_info->jump;
   rtx_insn *cond_earliest;
   rtx_insn *insn;
+  bool speed_p = optimize_bb_for_speed_p (if_info->test_bb);
 
   start_sequence ();
 
@@ -3273,9 +3274,17 @@ noce_convert_multiple_sets (struct noce_if_info *if_info)
   for (int i = 0; i < count; i++)
     noce_emit_move_insn (targets[i], temporaries[i]);
 
-  /* Actually emit the sequence.  */
+  /* Actually emit the sequence if it isn't too expensive.  */
   rtx_insn *seq = get_insns ();
 
+  /*  Check the cost model to ensure this is profitable.  */
+  if (seq_cost (seq, speed_p)
+      > if_info->max_seq_cost)
+    {
+      end_sequence ();
+      return FALSE;
+    }
+
   for (insn = seq; insn; insn = NEXT_INSN (insn))
     set_used_flags (insn);
 
@@ -3325,23 +3334,16 @@ noce_convert_multiple_sets (struct noce_if_info *if_info)
 
 /* Return true iff basic block TEST_BB is comprised of only
    (SET (REG) (REG)) insns suitable for conversion to a series
-   of conditional moves.  FORNOW: Use II to find the expected cost of
-   the branch into/over TEST_BB.
-
-   TODO: This creates an implicit "magic number" for if conversion.
-   II->max_seq_cost now guides the maximum number of set instructions in
-   a basic block which is considered profitable to completely
-   if-convert.  */
+   of conditional moves.  Also check that we have more than one set
+   (other routines can handle a single set better than we would), and
+   fewer than PARAM_MAX_RTL_IF_CONVERSION_INSNS sets.  */
 
 static bool
-bb_ok_for_noce_convert_multiple_sets (basic_block test_bb,
-				      struct noce_if_info *ii)
+bb_ok_for_noce_convert_multiple_sets (basic_block test_bb)
 {
   rtx_insn *insn;
   unsigned count = 0;
   unsigned param = PARAM_VALUE (PARAM_MAX_RTL_IF_CONVERSION_INSNS);
-  /* TODO:  Revisit this cost model.  */
-  unsigned limit = MIN (ii->max_seq_cost / COSTS_N_INSNS (1), param);
 
   FOR_BB_INSNS (test_bb, insn)
     {
@@ -3377,14 +3379,15 @@ bb_ok_for_noce_convert_multiple_sets (basic_block test_bb,
       if (!can_conditionally_move_p (GET_MODE (dest)))
 	return false;
 
-      /* FORNOW: Our cost model is a count of the number of instructions we
-	 would if-convert.  This is suboptimal, and should be improved as part
-	 of a wider rework of branch_cost.  */
-      if (++count > limit)
-	return false;
+      count++;
     }
 
-  return count > 1;
+  /* If we would only put out one conditional move, the other strategies
+     this pass tries are better optimized and will be more appropriate.
+     Some targets want to strictly limit the number of conditional moves
+     that are emitted, they set this through PARAM, we need to respect
+     that.  */
+  return count > 1 && count <= param;
 }
 
 /* Given a simple IF-THEN-JOIN or IF-THEN-ELSE-JOIN block, attempt to convert
@@ -3420,7 +3423,7 @@ noce_process_if_block (struct noce_if_info *if_info)
   if (!else_bb
       && HAVE_conditional_move
       && !HAVE_cc0
-      && bb_ok_for_noce_convert_multiple_sets (then_bb, if_info))
+      && bb_ok_for_noce_convert_multiple_sets (then_bb))
     {
       if (noce_convert_multiple_sets (if_info))
 	{
diff --git a/gcc/testsuite/gcc.dg/ifcvt-4.c b/gcc/testsuite/gcc.dg/ifcvt-4.c
index 319b583..0d1671c 100644
--- a/gcc/testsuite/gcc.dg/ifcvt-4.c
+++ b/gcc/testsuite/gcc.dg/ifcvt-4.c
@@ -1,4 +1,4 @@
-/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=3" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=3 --param max-rtl-if-conversion-unpredictable-cost=100" } */
 /* { dg-additional-options "-misel" { target { powerpc*-*-* } } } */
 /* { dg-skip-if "Multiple set if-conversion not guaranteed on all subtargets" { "arm*-*-* hppa*64*-*-* visium-*-*" } }  */
 
diff --git a/gcc/testsuite/gcc.dg/ifcvt-5.c b/gcc/testsuite/gcc.dg/ifcvt-5.c
index 818099a..d2a9476 100644
--- a/gcc/testsuite/gcc.dg/ifcvt-5.c
+++ b/gcc/testsuite/gcc.dg/ifcvt-5.c
@@ -1,7 +1,8 @@
 /* Check that multi-insn if-conversion is not done if the override
-   parameter would not allow it.  */
+   parameter would not allow it.  Set the cost parameter very high
+   to ensure that the limiting factor is actually the count parameter.  */
 
-/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=1" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=1 --param max-rtl-if-conversion-unpredictable-cost=200" } */
 
 typedef int word __attribute__((mode(word)));