Two interesting paper to understand how CodePlay compiler works are:
http://www.cs.cmu.edu/%7Edamp/finalPapers/lindley.pdf
http://www.codeplay.com/downloads_public/sievepaper-2columns-normal.pdf
Note that Codeplay compiler should be able to generate code optimized also for multicore architectures with local memories (like IBM CELL) and for GPGPU computing.