I've heard that enabling Link-Time Code Generation (the /LTCG switch) can be a major optimization for large projects with lots of libraries to link together. My team is using it in the Release configuration of our solution, but the long compile-time is a real drag. One change to one file that no other file depends on triggers another 45 seconds of "Generating code...". Release is certainly much faster than Debug, but we might achieve the same speed-up by disabling LTCG and just leaving /O2 on.
Is it worth it to leave /LTCG enabled?
Link-time code generation (LTCG) enables cross source-file optimization by delaying code generation until the link stage. This can significantly reduce code size. To enable LTCG, compile your source with -c --ltcg to create objects in an intermediate format.
Linkers have to copy large amount of data from object files to an output file, and that is inevitably slow.
It is hard to say, because that depends mostly on your project - and of course the quality of the LTCG provided by VS2005 (which I don't have enough experience with to judge). In the end, you'll have to measure.
However, I wonder why you have that much problems with the extra duration of the release build. You should only hand out reproducible, stable, versioned binaries that have reproducible or archived sources. I've rarely seen a reason for frequent, incremental release builds.
The recommended setup for a team is this: Developers typically create only incremental debug builds on their machines. Building a release should be a complete build from source control to redistributable (binaries or even setup), with a new version number and labeling/archiving the sources. Only these should be given to in-house testers / clients.
Ideally, you would move the complete build to a separate machine, or maybe a virtual machine on a good PC. This gives you a stable environment for your builds (includes, 3rd party libraries, environment variables, etc.).
Ideally, these builds should be automated ("one click from source control to setup"), and should run daily.
It allows the linker to do the actual compilation of the code, and therefore it can do more optimization such as inlining.
If you don't use LTCG, the compiler is the only component in the build process that can inline a function, as in replace a "call" to a function with the contents of the function, which is usually a lot faster. The compiler would only do so anyway for functions where this yields an improvement.
It can therefore only do so with functions that it has the body of. This means that if a function in the cpp file calls another function which is not implemented in the same cpp file (or in a header file that is included) then it doesn't have the actual body of the function and can therefore not inline it.
But if you use LTCG, it's the linker that does the inlining, and it has all the functions in all the of the cpp files of the entire project, minus referenced lib files that were not built with LTCG. This gives the linker (which becomes the compiler) a lot more to work with.
But it also makes your build take longer, especially when doing incremental changes. You might want to turn on LTCG in your release build configuration.
Note that LTCG is not the same as profile-guided optimization.
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