LLVM 2.6 has been released (
http://llvm.org) and it looks like it's producing even better code than 2.5. Here's a quick test with paq8o8 putting gcc 4.4.1 against LLVM 2.6 on the x86_64 architecture on my single core AMD Athlon 64 3000+.
"llvm-g++ -O3 -DUNIX -DNOASM -s" and run with "paq8o8 -3 enwik8_1st1M": 31.56s
"llvm-g++ -O2 -DUNIX -DNOASM -s" and run with "paq8o8 -3 enwik8_1st1M": 32.85s
"g++ -O3 -DUNIX -DNOASM -s" and run with "paq8o8 -3 enwik8_1st1M": 32.75s
"g++ -O2 -DUNIX -DNOASM -s" and run with "paq8o8 -3 enwik8_1st1M": 30.66s
So, it looks like in this test case LLVM doesn't exhibit the strange O2 is faster than O3 behavior of gcc and LLVM is within a few percentage points of gcc performance-wise. If anyone else wants to post some benchmarks with other compressors or compiler options, go for it. You may have already heard that FreeBSD is looking to eventually replace gcc with the clang compiler (based off of LLVM).