It's a front end to a C compiler. A real FORTRAN compiler can do amazing optimizations because it has less to worry about in terms of memory juggling and linking.

Intel/Linux compiler benchmarks: [link|http://www.polyhedron.co.uk/compare/linux/f77bench_p3.html|http://www.polyhedro.../f77bench_p3.html]
Best overall, Lahey ("your FORTRAN source since 1967!")

Intel/Win32 compiler benchmarks: [link|http://www.polyhedron.co.uk/compare/win32/f77bench_p3.html|http://www.polyhedro.../f77bench_p3.html]
Best overall, Intel

I assume these benchmarks are mostly on "real FORTRAN 77" code, without dynamic allocation etc.