diff --git a/IPython/core/component.py b/IPython/core/component.py
index 730af7e..752f227 100644
--- a/IPython/core/component.py
+++ b/IPython/core/component.py
@@ -234,10 +234,18 @@ class Component(HasTraitlets):
         self.root = self # This is the default, it is set when parent is set
         self.parent = parent
         if config is not None:
-            self.config = deepcopy(config)
+            self.config = config
+            # We used to deepcopy, but for now we are trying to just save
+            # by reference.  This *could* have side effects as all components
+            # will share config.
+            # self.config = deepcopy(config)
         else:
             if self.parent is not None:
-                self.config = deepcopy(self.parent.config)
+                self.config = self.parent.config
+                # We used to deepcopy, but for now we are trying to just save
+                # by reference.  This *could* have side effects as all components
+                # will share config.
+                # self.config = deepcopy(self.parent.config)
 
         self.created = datetime.datetime.now()
 
diff --git a/IPython/core/tests/test_component.py b/IPython/core/tests/test_component.py
index f03d4a3..9774320 100644
--- a/IPython/core/tests/test_component.py
+++ b/IPython/core/tests/test_component.py
@@ -147,12 +147,12 @@ class TestComponentConfig(TestCase):
         self.assertEquals(c1.config, config)
         self.assertEquals(c2.config, config)
         self.assertEquals(c3.config, config)
-        # Test that we always make copies
-        self.assert_(c1.config is not config)
-        self.assert_(c2.config is not config)
-        self.assert_(c3.config is not config)
-        self.assert_(c1.config is not c2.config)
-        self.assert_(c2.config is not c3.config)
+        # Test that copies are not made
+        self.assert_(c1.config is config)
+        self.assert_(c2.config is config)
+        self.assert_(c3.config is config)
+        self.assert_(c1.config is c2.config)
+        self.assert_(c2.config is c3.config)
         
     def test_inheritance(self):
         class MyComponent(Component):