I don't think anyone has mentioned the fact that much more effort has been put into C compilers than any other compiler, with perhaps the exception of Java.
C is extremely optimize-able for many of the reasons already stated - more than almost any other language. So if the same amount of effort is put into other language compilers, C will probably still come out on top.
I think there is at least one candidate language that with effort could be optimized better than C and thus we could see implementations that produce faster binaries. I'm thinking of digital mars D because the creator took care to build a language that could potentially be better optimized than C. There may be other languages that have this possibility. However I cannot imagine that any language will have compilers more than just a few percent faster than the best C compilers. I would love to be wrong.
I think the real "low hanging fruit" will be in languages that are designed to be EASY for humans to optimize. A skilled programmer can make any language go faster - but sometimes you have to do ridiculous things or use unnatural constructs to make this happen. Although it will always take effort, a good language should produce relatively fast code without having to obsess over exactly how the program is written.
It's also important (at least to me) that the worst case code tends to be fast. There are numerous "proofs" on the web that Java is as fast or faster than C, but that is based on cherry picking examples. I'm not big fan of C, but I know that ANYTHING I write in C is going to run well. With Java it will "probably" run within 15% of the speed, usually within 25% but in some cases it can be far worse. Any cases where it's just as fast or within a couple of percent are usually due to most of the time being spent in the library code which is heavily optimized C anyway.
