In the last episode (Feb 07), David Hedbor @ Pike developers forum said:
Now with corresponding optimizations (-O3 -ipp7).
I believe -ipp7 is the default actually, so the only difference would be -O3 (if you can figure out a way to enable that without enabling -O2 for icc and without enabling -O3 for other compilers, feel free to do so).
You probably mean -tpp7, right? That is the same as -mcpu=p4. You'll get more performance by also adding -xW, which enables icc to emit p4 instructions and vectorize loops.