For ARM platform compiles, the following site makes compiler option recommendations: http://elinux.org/RPi_Software.

The site states the following:

• The gcc compiler flags that produce the most optimal code for the Raspberry Pi are as follows:
  • -Ofast -mfpu=vfp -mfloat -abi=hard -march=armv6zk -mtune=arm1176jzf-s
• For some programs, -Ofast may produce compile errors. In these cases, -O3 or -O2 should be used instead.
• -mcpu=arm1176jzf-s can be used in place of -march=armv6zk -mtune=arm1176jzf-s.