Instead I'll give a method to help avoid the problem. For awhile now, 
anytime I'm using calling a command with enough options to warrant 
line continuation I build them up in an array instead. This allows 
splitting across lines without using a backslash at the end, and 
*actually* allows comments.
This also allows the arguments to be build up gradually with some 
being added conditionally.
The below actually works as written including the comments:
    args=(
      -re 's/abc/xyx/' # End of the alphabet is better
      -re 's/123/456/' # Bigger numbers are better
      # -re 's/foo/bar/' # Disable for now
    )
    if [ -r /some/file ]
    then
      args+=(-re 's/new/old/')
    fi
    echo abc123 | sed "${args[@]}"
For zsh you can just use $args to reference it, the way I wrote it 
above will work in bash as well.