1. In a programmable logic device (PLD), a macrocell having a plurality of inputs and at least one output, comprising: at least one programmable logic circuit having a plurality of inputs coupled to the plurality of macrocell inputs and an output; programmable logic means, having a first programmable input coupled to the output of the at least one programmable logic circuit, a second programmable input coupled to an output of another macrocell and a third programmable input coupled directly to an input/output terminal of the PLD, for programmably producing a logical combination of its inputs at at least one output; and output control means, coupled to the at least one output of the programmable logic means and responsive to control signals external to the macrocell, for outputing the at least one output of the programmable logic means at an output coupled to the at least one output of the macrocell, wherein, set up time is significantly reduced by programming the programmable logic means to receive an input signal directly from the input/output terminal of the PLD.