>>29
Just "-march=core2 -O2 -pipe", nothing fancy. Even -O3 tends to break things and bullshit like -ffast-math just makes everything go boom. The performance gains aren't worth the risk. What's the point?
Now, my 
USE flags are a different story. In my make.conf I put "-*" which removes ALL default flags (cups, fortran, gnome, kde, what the fuck?) and then added a few sane ones I always want like threads, unicode or xinerama. When I install something I take a look at the supported USE flags and set them for each package individually in my package.use file.
This guarantees the most minimal system possible. You can't do this with a binary distribution. Ever tried installing mplayer on one? Enjoy your bloat.