In fact, it already does have it: LTO is supported by GCC 4.5.0, which was released in April. (Although a bunch of LTO improvements will be included in the forthcoming GCC 4.6 release.)
It's not a C compilers, but Mlton is an interesting SML whole program compiler. There's also JHC for Haskell which is nifty but can't quite compile all Haskell programs. I also found the Stalin Scheme compiler very interesting since it seems like a whole program compiler for a dynamically typed language like Scheme should be able to do a lot of interesting things.
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http://gcc.gnu.org/wiki/LinkTimeOptimization