An apparatus is described that performs prioritized matching through processing of network traffic in accordance with provisioned rules and policies. The apparatus includes a plurality of microcode controlled state machines, and a distribution circuit that routes input data to the plurality of microcode controlled state machines, such that the plurality of microcode controlled state machines apply rules to the input data to determine matches and produce priority indicators, wherein each match has an associated priority indicator. At least one of the matches is selected based on the priority indicators. Advantageously, the apparatus provides an architectural framework well suited to a low cost, high speed, robust implementation of flexible, advanced network security and monitoring features and network traffic analysis.