@freemangordon: As far as I know OpenGL (ES2) is the only option for QtQuick2. I didn't try QtQuick1 but its implementation is totally different (didn't change that much since Qt4).
I didn't try changing the optimization level, that seems a good idea.

Does compiling with gcc4.7. require a recompilation of the libraries, too? I had a lot of issues using different versions of gcc in the past and I'd like to keep Qt5 builds compatible to stock libraries. Of course it should *also* compile with 4.7. in the end.