Phoronix did some benchmarks about this, but it is about a snapshot version of Clang/LLVM from a few months back. The results being that things were more-or-less a push; neither GCC nor Clang is definitively better in all cases.
Since you'd use the latest Clang, it's maybe a little less relevant. Then again, GCC 4.6 is slated to have some major optimizations for Core 2 and i7, apparently.
I figure Clang's faster compilation speed will be nicer for original developers, and then when you push the code out into the world, Linux distro/BSD/etc. end-users will use GCC for the faster binaries.