The GCC 4.1.2 documentation has this to say about the -pipe option:
-pipe
-pipe Use pipes rather than temporary files for communica
Use pipes rather than temporary files for communica
Trying this out now, it looks to be moderately faster to build when the source / build destinations are on NFS (linux network). Memory usage is high though. If you never fill the RAM and have source on NFS, seems like a win with -pipe.