Since PHP code will run just fine even if it\'s riddled with warnings and notices about undefined indexes and non-static methods being called as static, etc, the question is
I wouldn't quite call it a "significant" improvement for most cases, but running code that does not generate errors of any sort naturally runs faster than code that has to generate a stack trace every other line.
Check out: http://www.noamdesign.com/Web-Design-Blog/15-tips-to-optimizing-your-php-code/ for more information on minor optimizations you can make to your code.
In my own experience, I've found that 95% of code optimization usually deals with how you use your database.