Here’s a nice summary of how the CC compiler/toolchain works. Here’s some info about the next release:

Work has already begun on the 4.4 release series, and its moving toward a general release. In version 4.4, you’ll find numerous bug fixes and more general optimizer improvements. Version 3.0 of the OpenMP specification has also been integrated for codeC/code, codeC++/code, and Fortran.

The compiler will also now allow you to define an optimization level at the
function level (instead of at the file level, which was the previous
default). This functionality is provided by the codeoptimize/code attribute,
which also allows you to specify the individual options for the optimizer.

Finally, processor support was added for the Picochip, which is a 16-bit
multi-core processor. What’s interesting about the Picochip is that each core
can be programmed independently, with communication provided in a mesh.