  We probe the long-range spin chain approach to planar N=4 gauge theory at
high loop order. A recently employed hyperbolic spin chain invented by
Inozemtsev is suitable for the SU(2) subsector of the state space up to three
loops, but ceases to exhibit the conjectured thermodynamic scaling properties
at higher orders. We indicate how this may be bypassed while nevertheless
preserving integrability, and suggest the corresponding all-loop asymptotic
Bethe ansatz. We also propose the local part of the all-loop gauge transfer
matrix, leading to conjectures for the asymptotically exact formulae for all
local commuting charges. The ansatz is finally shown to be related to a
standard inhomogeneous spin chain. A comparison of our ansatz to semi-classical
string theory uncovers a detailed, non-perturbative agreement between the
corresponding expressions for the infinite tower of local charge densities.
However, the respective Bethe equations differ slightly, and we end by refining
and elaborating a previously proposed possible explanation for this
disagreement.
