Hi,
This patch is something I was playing around with assistance of Ian Taylor.
It seems I need bit more help though :)

It adds support for direct output of SLIM LTO files to the compiler binary.
It works as proof of concept, but there are two key parts missing
 1) extension of libiberty's simple file to handle output symbols into COMMON.
    This is needed to output __gnu_lto_v1 and __gnu_lto_slim
    Search for TODO in the patch bellow.
 2) Support in driver to properly execute *1 binary.

I also disabled outputting ident directive, but I think that one may not be 
necessary
because the files are identified by the gnu_lto_v1 symbols. We could add it 
later.

Currently the path bypassing asm stage can be tested as follows:

        jan@linux-ujxe:~/trunk/build/gcc> cat a.c
        main ()
        {
          printf ("Hello world\n");
        }
        jan@linux-ujxe:~/trunk/build/gcc> ./xgcc -B ./ -O3 a.c -flto -S 
-fbypass-asm=crtbegin.o  -o a.o
        jan@linux-ujxe:~/trunk/build/gcc> ./xgcc -B ./ -O2 a.o -flto
        jan@linux-ujxe:~/trunk/build/gcc> ./a.out
        Hello world

The implementation is pretty straighforward except for -fbypass-asm requiring
one existing OBJ file to fetch target's file attributes from.  This is
definitly not optimal, but libiberty currently can't build output files from
scratch. As Ian suggested, I plan to simply arrange the driver to pass crtbegin
around at least to start with. We may want to bypass this later and storing
proper attributes into the binary.

Ian, would you be so kind and implement ability to output those two symbols
into lto-object-simple?  I think we can start with ELF only support.

The large chunk just moves lto-object around with very small changes in it, so 
the
patch is fairly easy.

I did just quick benchmark with unoptimized cc1 binary compiling the file above.
For 1000 invocations with bypass I get:

real    0m14.186s
user    0m10.957s
sys     0m2.424s

While the default path gets:

real    0m21.913s
user    0m13.856s
sys     0m5.705s

With OpenSUSE 13.1 default GCC 4.8.3 build:

real   0m15.160s
user   0m8.481s
sys    0m5.159s

(the difference here is most likely optimizer WRT unoptimized binary, perf shows
contains_struct_check quite top, so startup overhead still dominates)

And with clang-3.4:

real   0m30.097s
user   0m22.012s
sys    0m6.649s

That is fairly nice speedup IMO.  With optimized build the difference should
be more visible because CC1 startup issues will become less important.
I definitely see ASM file overhead as mesaurable issue with real world 
benchmarks
(libreoffice build). Clearly we produce several GBs of object file going through
crappy and bloated text encoding just for sake of doing it.

Honza

Index: Makefile.in
===================================================================
--- Makefile.in (revision 215518)
+++ Makefile.in (working copy)
@@ -1300,6 +1300,7 @@
        lto-section-out.o \
        lto-opts.o \
        lto-compress.o \
+       lto-object.o \
        mcf.o \
        mode-switching.o \
        modulo-sched.o \
Index: common.opt
===================================================================
--- common.opt  (revision 215518)
+++ common.opt  (working copy)
@@ -923,6 +923,9 @@
 Common Report Var(flag_btr_bb_exclusive) Optimization
 Restrict target load migration not to re-use registers in any basic block
 
+fbypass-asm=
+Common Joined Var(flag_bypass_asm)
+
 fcall-saved-
 Common Joined RejectNegative Var(common_deferred_options) Defer
 -fcall-saved-<register>        Mark <register> as being preserved across 
functions
Index: langhooks.c
===================================================================
--- langhooks.c (revision 215518)
+++ langhooks.c (working copy)
@@ -40,6 +40,10 @@
 #include "cgraph.h"
 #include "timevar.h"
 #include "output.h"
+#include "tree-ssa-alias.h"
+#include "gimple-expr.h"
+#include "gimple.h"
+#include "lto-streamer.h"
 
 /* Do nothing; in many cases the default hook.  */
 
@@ -653,6 +657,19 @@
 {
   section *section;
 
+  if (flag_bypass_asm)
+    {
+      static int initialized = false;
+      if (!initialized)
+       {
+         gcc_assert (asm_out_file == NULL);
+          lto_set_current_out_file (lto_obj_file_open (asm_file_name, true));
+         initialized = true;
+       }
+      lto_obj_begin_section (name);
+      return;
+    }
+
   /* Save the old section so we can restore it in lto_end_asm_section.  */
   gcc_assert (!saved_section);
   saved_section = in_section;
@@ -669,8 +686,13 @@
    implementation just calls assemble_string.  */
 
 void
-lhd_append_data (const void *data, size_t len, void *)
+lhd_append_data (const void *data, size_t len, void *v)
 {
+  if (flag_bypass_asm)
+    {
+      lto_obj_append_data (data, len, v);
+      return;
+    }
   if (data)
     assemble_string ((const char *)data, len);
 }
@@ -683,6 +705,11 @@
 void
 lhd_end_section (void)
 {
+  if (flag_bypass_asm)
+    {
+      lto_obj_end_section ();
+      return;
+    }
   if (saved_section)
     {
       switch_to_section (saved_section);
Index: lto/Make-lang.in
===================================================================
--- lto/Make-lang.in    (revision 215518)
+++ lto/Make-lang.in    (working copy)
@@ -22,7 +22,7 @@
 # The name of the LTO compiler.
 LTO_EXE = lto1$(exeext)
 # The LTO-specific object files inclued in $(LTO_EXE).
-LTO_OBJS = lto/lto-lang.o lto/lto.o lto/lto-object.o attribs.o 
lto/lto-partition.o lto/lto-symtab.o
+LTO_OBJS = lto/lto-lang.o lto/lto.o attribs.o lto/lto-partition.o 
lto/lto-symtab.o
 lto_OBJS = $(LTO_OBJS)
 
 # Rules
Index: lto/lto-object.c
===================================================================
--- lto/lto-object.c    (revision 215518)
+++ lto/lto-object.c    (working copy)
@@ -1,387 +0,0 @@
-/* LTO routines to use object files.
-   Copyright (C) 2010-2014 Free Software Foundation, Inc.
-   Written by Ian Lance Taylor, Google.
-
-This file is part of GCC.
-
-GCC is free software; you can redistribute it and/or modify it under
-the terms of the GNU General Public License as published by the Free
-Software Foundation; either version 3, or (at your option) any later
-version.
-
-GCC is distributed in the hope that it will be useful, but WITHOUT ANY
-WARRANTY; without even the implied warranty of MERCHANTABILITY or
-FITNESS FOR A PARTICULAR PURPOSE.  See the GNU General Public License
-for more details.
-
-You should have received a copy of the GNU General Public License
-along with GCC; see the file COPYING3.  If not see
-<http://www.gnu.org/licenses/>.  */
-
-#include "config.h"
-#include "system.h"
-#include "coretypes.h"
-#include "tree.h"
-#include "basic-block.h"
-#include "tree-ssa-alias.h"
-#include "internal-fn.h"
-#include "gimple-expr.h"
-#include "is-a.h"
-#include "gimple.h"
-#include "diagnostic-core.h"
-#include "lto.h"
-#include "tm.h"
-#include "lto-streamer.h"
-#include "lto-section-names.h"
-#include "simple-object.h"
-
-/* An LTO file wrapped around an simple_object.  */
-
-struct lto_simple_object
-{
-  /* The base information.  */
-  lto_file base;
-
-  /* The system file descriptor.  */
-  int fd;
-
-  /* The simple_object if we are reading the file.  */
-  simple_object_read *sobj_r;
-
-  /* The simple_object if we are writing the file.  */
-  simple_object_write *sobj_w;
-
-  /* The currently active section.  */
-  simple_object_write_section *section;
-};
-
-/* Saved simple_object attributes.  FIXME: Once set, this is never
-   cleared.  */
-
-static simple_object_attributes *saved_attributes;
-
-/* Initialize FILE, an LTO file object for FILENAME.  */
-
-static void
-lto_file_init (lto_file *file, const char *filename, off_t offset)
-{
-  file->filename = filename;
-  file->offset = offset;
-}
-
-/* Open the file FILENAME.  It WRITABLE is true, the file is opened
-   for write and, if necessary, created.  Otherwise, the file is
-   opened for reading.  Returns the opened file.  */
-
-lto_file *
-lto_obj_file_open (const char *filename, bool writable)
-{
-  const char *offset_p;
-  long loffset;
-  int consumed;
-  char *fname;
-  off_t offset;
-  struct lto_simple_object *lo;
-  const char *errmsg;
-  int err;
-
-  offset_p = strrchr (filename, '@');
-  if (offset_p != NULL
-      && offset_p != filename
-      && sscanf (offset_p, "@%li%n", &loffset, &consumed) >= 1
-      && strlen (offset_p) == (unsigned int) consumed)
-    {
-      fname = XNEWVEC (char, offset_p - filename + 1);
-      memcpy (fname, filename, offset_p - filename);
-      fname[offset_p - filename] = '\0';
-      offset = (off_t) loffset;
-    }
-  else
-    {
-      fname = xstrdup (filename);
-      offset = 0;
-    }
-
-  lo = XCNEW (struct lto_simple_object);
-  lto_file_init ((lto_file *) lo, fname, offset);
-
-  lo->fd = open (fname,
-                (writable
-                 ? O_WRONLY | O_CREAT | O_BINARY
-                 : O_RDONLY | O_BINARY),
-                0666);
-  if (lo->fd == -1)
-    {
-      error ("open %s failed: %s", fname, xstrerror (errno));
-      goto fail;
-    }
-
-  if (!writable)
-    {
-      simple_object_attributes *attrs;
-
-      lo->sobj_r = simple_object_start_read (lo->fd, offset, LTO_SEGMENT_NAME,
-                                            &errmsg, &err);
-      if (lo->sobj_r == NULL)
-       goto fail_errmsg;
-
-      attrs = simple_object_fetch_attributes (lo->sobj_r, &errmsg, &err);
-      if (attrs == NULL)
-       goto fail_errmsg;
-
-      if (saved_attributes == NULL)
-       saved_attributes = attrs;
-      else
-       {
-         errmsg = simple_object_attributes_merge (saved_attributes, attrs,
-                                                  &err);
-         if (errmsg != NULL)
-           {
-             free (attrs);
-             goto fail_errmsg;
-           }
-       }
-    }
-  else
-    {
-      gcc_assert (saved_attributes != NULL);
-      lo->sobj_w = simple_object_start_write (saved_attributes,
-                                             LTO_SEGMENT_NAME,
-                                             &errmsg, &err);
-      if (lo->sobj_w == NULL)
-       goto fail_errmsg;
-    }
-
-  return &lo->base;
-
- fail_errmsg:
-  if (err == 0)
-    error ("%s: %s", fname, errmsg);
-  else
-    error ("%s: %s: %s", fname, errmsg, xstrerror (err));
-                                        
- fail:
-  if (lo->fd != -1)
-    lto_obj_file_close ((lto_file *) lo);
-  free (lo);
-  return NULL;
-}
-
-
-/* Close FILE.  If FILE was opened for writing, it is written out
-   now.  */
-
-void
-lto_obj_file_close (lto_file *file)
-{
-  struct lto_simple_object *lo = (struct lto_simple_object *) file;
-
-  if (lo->sobj_r != NULL)
-    simple_object_release_read (lo->sobj_r);
-  else if (lo->sobj_w != NULL)
-    {
-      const char *errmsg;
-      int err;
-
-      gcc_assert (lo->base.offset == 0);
-
-      errmsg = simple_object_write_to_file (lo->sobj_w, lo->fd, &err);
-      if (errmsg != NULL)
-       {
-         if (err == 0)
-           fatal_error ("%s", errmsg);
-         else
-           fatal_error ("%s: %s", errmsg, xstrerror (err));
-       }
-
-      simple_object_release_write (lo->sobj_w);
-    }
-
-  if (lo->fd != -1)
-    {
-      if (close (lo->fd) < 0)
-       fatal_error ("close: %s", xstrerror (errno));
-    }
-}
-
-/* This is passed to lto_obj_add_section.  */
-
-struct lto_obj_add_section_data
-{
-  /* The hash table of sections.  */
-  htab_t section_hash_table;
-  /* The offset of this file.  */
-  off_t base_offset;
-  /* List in linker order */
-  struct lto_section_list *list;
-};
-
-/* This is called for each section in the file.  */
-
-static int
-lto_obj_add_section (void *data, const char *name, off_t offset,
-                    off_t length)
-{
-  struct lto_obj_add_section_data *loasd =
-    (struct lto_obj_add_section_data *) data;
-  htab_t section_hash_table = (htab_t) loasd->section_hash_table;
-  char *new_name;
-  struct lto_section_slot s_slot;
-  void **slot;
-  struct lto_section_list *list = loasd->list;
-
-  if (strncmp (name, LTO_SECTION_NAME_PREFIX,
-              strlen (LTO_SECTION_NAME_PREFIX)) != 0)
-    return 1;
-
-  new_name = xstrdup (name);
-  s_slot.name = new_name;
-  slot = htab_find_slot (section_hash_table, &s_slot, INSERT);
-  if (*slot == NULL)
-    {
-      struct lto_section_slot *new_slot = XCNEW (struct lto_section_slot);
-
-      new_slot->name = new_name;
-      new_slot->start = loasd->base_offset + offset;
-      new_slot->len = length;
-      *slot = new_slot;
-
-      if (list != NULL)
-        {
-          if (!list->first)
-            list->first = new_slot;
-          if (list->last)
-            list->last->next = new_slot;
-          list->last = new_slot;
-        }
-    }
-  else
-    {
-      error ("two or more sections for %s", new_name);
-      return 0;
-    }
-
-  return 1;
-}
-
-/* Build a hash table whose key is the section name and whose data is
-   the start and size of each section in the .o file.  */
-
-htab_t
-lto_obj_build_section_table (lto_file *lto_file, struct lto_section_list *list)
-{
-  struct lto_simple_object *lo = (struct lto_simple_object *) lto_file;
-  htab_t section_hash_table;
-  struct lto_obj_add_section_data loasd;
-  const char *errmsg;
-  int err;
-
-  section_hash_table = lto_obj_create_section_hash_table ();
-
-  gcc_assert (lo->sobj_r != NULL && lo->sobj_w == NULL);
-  loasd.section_hash_table = section_hash_table;
-  loasd.base_offset = lo->base.offset;
-  loasd.list = list;
-  errmsg = simple_object_find_sections (lo->sobj_r, lto_obj_add_section,
-                                       &loasd, &err);
-  if (errmsg != NULL)
-    {
-      if (err == 0)
-       error ("%s", errmsg);
-      else
-       error ("%s: %s", errmsg, xstrerror (err));
-      htab_delete (section_hash_table);
-      return NULL;
-    }
-
-  return section_hash_table;
-}
-
-/* The current output file.  */
-
-static lto_file *current_out_file;
-
-/* Set the current output file.  Return the old one.  */
-
-lto_file *
-lto_set_current_out_file (lto_file *file)
-{
-  lto_file *old_file;
-
-  old_file = current_out_file;
-  current_out_file = file;
-  return old_file;
-}
-
-/* Return the current output file.  */
-
-lto_file *
-lto_get_current_out_file (void)
-{
-  return current_out_file;
-}
-
-/* Begin writing a new section named NAME in the current output
-   file.  */
-
-void
-lto_obj_begin_section (const char *name)
-{
-  struct lto_simple_object *lo;
-  int align;
-  const char *errmsg;
-  int err;
-
-  lo = (struct lto_simple_object *) current_out_file;
-  gcc_assert (lo != NULL
-             && lo->sobj_r == NULL
-             && lo->sobj_w != NULL
-             && lo->section == NULL);
-
-  align = exact_log2 (POINTER_SIZE / BITS_PER_UNIT);
-  lo->section = simple_object_write_create_section (lo->sobj_w, name, align,
-                                                   &errmsg, &err);
-  if (lo->section == NULL)
-    {
-      if (err == 0)
-       fatal_error ("%s", errmsg);
-      else
-       fatal_error ("%s: %s", errmsg, xstrerror (errno));
-    }
-}
-
-/* Add data to a section.  BLOCK is a pointer to memory containing
-   DATA.  */
-
-void
-lto_obj_append_data (const void *data, size_t len, void *)
-{
-  struct lto_simple_object *lo;
-  const char *errmsg;
-  int err;
-
-  lo = (struct lto_simple_object *) current_out_file;
-  gcc_assert (lo != NULL && lo->section != NULL);
-
-  errmsg = simple_object_write_add_data (lo->sobj_w, lo->section, data, len,
-                                        1, &err);
-  if (errmsg != NULL)
-    {
-      if (err == 0)
-       fatal_error ("%s", errmsg);
-      else
-       fatal_error ("%s: %s", errmsg, xstrerror (errno));
-    }
-}
-
-/* Stop writing to the current output section.  */
-
-void
-lto_obj_end_section (void)
-{
-  struct lto_simple_object *lo;
-
-  lo = (struct lto_simple_object *) current_out_file;
-  gcc_assert (lo != NULL && lo->section != NULL);
-  lo->section = NULL;
-}
Index: lto/lto.c
===================================================================
--- lto/lto.c   (revision 215518)
+++ lto/lto.c   (working copy)
@@ -2246,7 +2246,8 @@
   struct lto_section_list section_list;
  
   memset (&section_list, 0, sizeof (struct lto_section_list)); 
-  section_hash_table = lto_obj_build_section_table (file, &section_list);
+  section_hash_table = lto_obj_create_section_hash_table ();
+  section_hash_table = lto_obj_build_section_table (file, &section_list, 
section_hash_table);
 
   /* Find all sub modules in the object and put their sections into new hash
      tables in a splay tree. */
Index: lto/lto.h
===================================================================
--- lto/lto.h   (revision 215518)
+++ lto/lto.h   (working copy)
@@ -24,14 +24,6 @@
 #include "hashtab.h"
 #include "vec.h"
 
-/* A file.  */
-typedef struct lto_file_struct
-{
-  /* The name of the file.  */
-  const char *filename;
-  /* The offset for the object inside an ar archive file (or zero).  */
-  off_t offset;
-} lto_file;
 
 /* In lto-lang.c  */
 extern const char *resolution_file_name;
@@ -41,32 +33,6 @@
 extern void lto_main (void);
 extern void lto_read_all_file_options (void);
 
-/* In lto-elf.c or lto-coff.c  */
-extern lto_file *lto_obj_file_open (const char *filename, bool writable);
-extern void lto_obj_file_close (lto_file *file);
-struct lto_section_list;
-extern htab_t lto_obj_build_section_table (lto_file *file, struct 
lto_section_list *list);
-extern htab_t lto_obj_create_section_hash_table (void);
-extern void lto_obj_begin_section (const char *name);
-extern void lto_obj_append_data (const void *data, size_t len, void *block);
-extern void lto_obj_end_section (void);
-extern lto_file *lto_set_current_out_file (lto_file *file);
-extern lto_file *lto_get_current_out_file (void);
 
-/* Hash table entry to hold the start offset and length of an LTO
-   section in a .o file.  */
-struct lto_section_slot
-{
-  const char *name;
-  intptr_t start;
-  size_t len;
-  struct lto_section_slot *next;
-};
 
-/* A list of section slots */
-struct lto_section_list
-{
-  struct lto_section_slot *first, *last;
-};
-
 #endif /* LTO_H */
Index: lto-object.c
===================================================================
--- lto-object.c        (revision 0)
+++ lto-object.c        (working copy)
@@ -0,0 +1,391 @@
+/* LTO routines to use object files.
+   Copyright (C) 2010-2014 Free Software Foundation, Inc.
+   Written by Ian Lance Taylor, Google.
+
+This file is part of GCC.
+
+GCC is free software; you can redistribute it and/or modify it under
+the terms of the GNU General Public License as published by the Free
+Software Foundation; either version 3, or (at your option) any later
+version.
+
+GCC is distributed in the hope that it will be useful, but WITHOUT ANY
+WARRANTY; without even the implied warranty of MERCHANTABILITY or
+FITNESS FOR A PARTICULAR PURPOSE.  See the GNU General Public License
+for more details.
+
+You should have received a copy of the GNU General Public License
+along with GCC; see the file COPYING3.  If not see
+<http://www.gnu.org/licenses/>.  */
+
+#include "config.h"
+#include "system.h"
+#include "coretypes.h"
+#include "tree.h"
+#include "basic-block.h"
+#include "tree-ssa-alias.h"
+#include "internal-fn.h"
+#include "gimple-expr.h"
+#include "is-a.h"
+#include "gimple.h"
+#include "diagnostic-core.h"
+#include "tm.h"
+#include "lto-streamer.h"
+#include "lto-section-names.h"
+#include "simple-object.h"
+
+/* An LTO file wrapped around an simple_object.  */
+
+struct lto_simple_object
+{
+  /* The base information.  */
+  lto_file base;
+
+  /* The system file descriptor.  */
+  int fd;
+
+  /* The simple_object if we are reading the file.  */
+  simple_object_read *sobj_r;
+
+  /* The simple_object if we are writing the file.  */
+  simple_object_write *sobj_w;
+
+  /* The currently active section.  */
+  simple_object_write_section *section;
+};
+
+/* Saved simple_object attributes.  FIXME: Once set, this is never
+   cleared.  */
+
+static simple_object_attributes *saved_attributes;
+
+/* Initialize FILE, an LTO file object for FILENAME.  */
+
+static void
+lto_file_init (lto_file *file, const char *filename, off_t offset)
+{
+  file->filename = filename;
+  file->offset = offset;
+}
+
+/* Open the file FILENAME.  It WRITABLE is true, the file is opened
+   for write and, if necessary, created.  Otherwise, the file is
+   opened for reading.  Returns the opened file.  */
+
+lto_file *
+lto_obj_file_open (const char *filename, bool writable)
+{
+  const char *offset_p;
+  long loffset;
+  int consumed;
+  char *fname;
+  off_t offset;
+  struct lto_simple_object *lo;
+  const char *errmsg;
+  int err;
+
+  offset_p = strrchr (filename, '@');
+  if (offset_p != NULL
+      && offset_p != filename
+      && sscanf (offset_p, "@%li%n", &loffset, &consumed) >= 1
+      && strlen (offset_p) == (unsigned int) consumed)
+    {
+      fname = XNEWVEC (char, offset_p - filename + 1);
+      memcpy (fname, filename, offset_p - filename);
+      fname[offset_p - filename] = '\0';
+      offset = (off_t) loffset;
+    }
+  else
+    {
+      fname = xstrdup (filename);
+      offset = 0;
+    }
+
+  lo = XCNEW (struct lto_simple_object);
+  lto_file_init ((lto_file *) lo, fname, offset);
+
+  lo->fd = open (fname,
+                (writable
+                 ? O_WRONLY | O_CREAT | O_BINARY
+                 : O_RDONLY | O_BINARY),
+                0666);
+  if (lo->fd == -1)
+    {
+      error ("open %s failed: %s", fname, xstrerror (errno));
+      goto fail;
+    }
+
+  if (!writable)
+    {
+      simple_object_attributes *attrs;
+
+      lo->sobj_r = simple_object_start_read (lo->fd, offset, LTO_SEGMENT_NAME,
+                                            &errmsg, &err);
+      if (lo->sobj_r == NULL)
+       goto fail_errmsg;
+
+      attrs = simple_object_fetch_attributes (lo->sobj_r, &errmsg, &err);
+      if (attrs == NULL)
+       goto fail_errmsg;
+
+      if (saved_attributes == NULL)
+       saved_attributes = attrs;
+      else
+       {
+         errmsg = simple_object_attributes_merge (saved_attributes, attrs,
+                                                  &err);
+         if (errmsg != NULL)
+           {
+             free (attrs);
+             goto fail_errmsg;
+           }
+       }
+    }
+  else
+    {
+      if (!saved_attributes)
+       {
+         lto_file *tmp = lto_obj_file_open (flag_bypass_asm, false);
+         if (!tmp)
+           goto fail;
+         lto_obj_file_close (tmp);
+       }
+      lo->sobj_w = simple_object_start_write (saved_attributes,
+                                             LTO_SEGMENT_NAME,
+                                             &errmsg, &err);
+      if (lo->sobj_w == NULL)
+       goto fail_errmsg;
+    }
+
+  return &lo->base;
+
+ fail_errmsg:
+  if (err == 0)
+    error ("%s: %s", fname, errmsg);
+  else
+    error ("%s: %s: %s", fname, errmsg, xstrerror (err));
+                                        
+ fail:
+  if (lo->fd != -1)
+    lto_obj_file_close ((lto_file *) lo);
+  free (lo);
+  return NULL;
+}
+
+
+/* Close FILE.  If FILE was opened for writing, it is written out
+   now.  */
+
+void
+lto_obj_file_close (lto_file *file)
+{
+  struct lto_simple_object *lo = (struct lto_simple_object *) file;
+
+  if (lo->sobj_r != NULL)
+    simple_object_release_read (lo->sobj_r);
+  else if (lo->sobj_w != NULL)
+    {
+      const char *errmsg;
+      int err;
+
+      gcc_assert (lo->base.offset == 0);
+
+      errmsg = simple_object_write_to_file (lo->sobj_w, lo->fd, &err);
+      if (errmsg != NULL)
+       {
+         if (err == 0)
+           fatal_error ("%s", errmsg);
+         else
+           fatal_error ("%s: %s", errmsg, xstrerror (err));
+       }
+
+      simple_object_release_write (lo->sobj_w);
+    }
+
+  if (lo->fd != -1)
+    {
+      if (close (lo->fd) < 0)
+       fatal_error ("close: %s", xstrerror (errno));
+    }
+}
+
+/* This is passed to lto_obj_add_section.  */
+
+struct lto_obj_add_section_data
+{
+  /* The hash table of sections.  */
+  htab_t section_hash_table;
+  /* The offset of this file.  */
+  off_t base_offset;
+  /* List in linker order */
+  struct lto_section_list *list;
+};
+
+/* This is called for each section in the file.  */
+
+static int
+lto_obj_add_section (void *data, const char *name, off_t offset,
+                    off_t length)
+{
+  struct lto_obj_add_section_data *loasd =
+    (struct lto_obj_add_section_data *) data;
+  htab_t section_hash_table = (htab_t) loasd->section_hash_table;
+  char *new_name;
+  struct lto_section_slot s_slot;
+  void **slot;
+  struct lto_section_list *list = loasd->list;
+
+  if (strncmp (name, LTO_SECTION_NAME_PREFIX,
+              strlen (LTO_SECTION_NAME_PREFIX)) != 0)
+    return 1;
+
+  new_name = xstrdup (name);
+  s_slot.name = new_name;
+  slot = htab_find_slot (section_hash_table, &s_slot, INSERT);
+  if (*slot == NULL)
+    {
+      struct lto_section_slot *new_slot = XCNEW (struct lto_section_slot);
+
+      new_slot->name = new_name;
+      new_slot->start = loasd->base_offset + offset;
+      new_slot->len = length;
+      *slot = new_slot;
+
+      if (list != NULL)
+        {
+          if (!list->first)
+            list->first = new_slot;
+          if (list->last)
+            list->last->next = new_slot;
+          list->last = new_slot;
+        }
+    }
+  else
+    {
+      error ("two or more sections for %s", new_name);
+      return 0;
+    }
+
+  return 1;
+}
+
+/* Build a hash table whose key is the section name and whose data is
+   the start and size of each section in the .o file.  */
+
+htab_t
+lto_obj_build_section_table (lto_file *lto_file, struct lto_section_list *list,
+                            htab_t section_hash_table)
+{
+  struct lto_simple_object *lo = (struct lto_simple_object *) lto_file;
+  struct lto_obj_add_section_data loasd;
+  const char *errmsg;
+  int err;
+
+
+  gcc_assert (lo->sobj_r != NULL && lo->sobj_w == NULL);
+  loasd.section_hash_table = section_hash_table;
+  loasd.base_offset = lo->base.offset;
+  loasd.list = list;
+  errmsg = simple_object_find_sections (lo->sobj_r, lto_obj_add_section,
+                                       &loasd, &err);
+  if (errmsg != NULL)
+    {
+      if (err == 0)
+       error ("%s", errmsg);
+      else
+       error ("%s: %s", errmsg, xstrerror (err));
+      htab_delete (section_hash_table);
+      return NULL;
+    }
+
+  return section_hash_table;
+}
+
+/* The current output file.  */
+
+static lto_file *current_out_file;
+
+/* Set the current output file.  Return the old one.  */
+
+lto_file *
+lto_set_current_out_file (lto_file *file)
+{
+  lto_file *old_file;
+
+  old_file = current_out_file;
+  current_out_file = file;
+  return old_file;
+}
+
+/* Return the current output file.  */
+
+lto_file *
+lto_get_current_out_file (void)
+{
+  return current_out_file;
+}
+
+/* Begin writing a new section named NAME in the current output
+   file.  */
+
+void
+lto_obj_begin_section (const char *name)
+{
+  struct lto_simple_object *lo;
+  int align;
+  const char *errmsg;
+  int err;
+
+  lo = (struct lto_simple_object *) current_out_file;
+  gcc_assert (lo != NULL
+             && lo->sobj_r == NULL
+             && lo->sobj_w != NULL
+             && lo->section == NULL);
+
+  align = exact_log2 (POINTER_SIZE / BITS_PER_UNIT);
+  lo->section = simple_object_write_create_section (lo->sobj_w, name, align,
+                                                   &errmsg, &err);
+  if (lo->section == NULL)
+    {
+      if (err == 0)
+       fatal_error ("%s", errmsg);
+      else
+       fatal_error ("%s: %s", errmsg, xstrerror (errno));
+    }
+}
+
+/* Add data to a section.  BLOCK is a pointer to memory containing
+   DATA.  */
+
+void
+lto_obj_append_data (const void *data, size_t len, void *)
+{
+  struct lto_simple_object *lo;
+  const char *errmsg;
+  int err;
+
+  lo = (struct lto_simple_object *) current_out_file;
+  gcc_assert (lo != NULL && lo->section != NULL);
+
+  errmsg = simple_object_write_add_data (lo->sobj_w, lo->section, data, len,
+                                        1, &err);
+  if (errmsg != NULL)
+    {
+      if (err == 0)
+       fatal_error ("%s", errmsg);
+      else
+       fatal_error ("%s: %s", errmsg, xstrerror (errno));
+    }
+}
+
+/* Stop writing to the current output section.  */
+
+void
+lto_obj_end_section (void)
+{
+  struct lto_simple_object *lo;
+
+  lo = (struct lto_simple_object *) current_out_file;
+  gcc_assert (lo != NULL && lo->section != NULL);
+  lo->section = NULL;
+}
Index: lto-streamer.h
===================================================================
--- lto-streamer.h      (revision 215518)
+++ lto-streamer.h      (working copy)
@@ -673,7 +673,31 @@
   struct streamer_tree_cache_d *reader_cache;
 };
 
+/* Hash table entry to hold the start offset and length of an LTO
+   section in a .o file.  */
+struct lto_section_slot
+{
+  const char *name;
+  intptr_t start;
+  size_t len;
+  struct lto_section_slot *next;
+};
 
+/* A list of section slots */
+struct lto_section_list
+{
+  struct lto_section_slot *first, *last;
+};
+
+/* A file.  */
+typedef struct lto_file_struct
+{
+  /* The name of the file.  */
+  const char *filename;
+  /* The offset for the object inside an ar archive file (or zero).  */
+  off_t offset;
+} lto_file;
+
 /* In lto-section-in.c  */
 extern struct lto_input_block * lto_create_simple_input_block (
                               struct lto_file_decl_data *,
@@ -804,6 +828,17 @@
                                 struct lto_out_decl_state *);
 void lto_output_location (struct output_block *, struct bitpack_d *, 
location_t);
 
+/* In lto-elf.c or lto-coff.c  */
+extern lto_file *lto_obj_file_open (const char *filename, bool writable);
+extern void lto_obj_file_close (lto_file *file);
+struct lto_section_list;
+extern htab_t lto_obj_build_section_table (lto_file *file, struct 
lto_section_list *list, htab_t);
+extern htab_t lto_obj_create_section_hash_table (void);
+extern void lto_obj_begin_section (const char *name);
+extern void lto_obj_append_data (const void *data, size_t len, void *block);
+extern void lto_obj_end_section (void);
+extern lto_file *lto_set_current_out_file (lto_file *file);
+extern lto_file *lto_get_current_out_file (void);
 
 /* In lto-cgraph.c  */
 extern bool asm_nodes_output;
Index: toplev.c
===================================================================
--- toplev.c    (revision 215518)
+++ toplev.c    (working copy)
@@ -80,6 +80,7 @@
 #include "context.h"
 #include "pass_manager.h"
 #include "optabs.h"
+#include "lto-streamer.h"
 
 #if defined(DBX_DEBUGGING_INFO) || defined(XCOFF_DEBUGGING_INFO)
 #include "dbxout.h"
@@ -617,41 +618,48 @@
      library without invoking lto1.  */
   if (flag_generate_lto)
     {
+      if (flag_bypass_asm)
+       {
+         /* TODO.  */
+       }
+      else
+       {
 #if defined ASM_OUTPUT_ALIGNED_DECL_COMMON
-      ASM_OUTPUT_ALIGNED_DECL_COMMON (asm_out_file, NULL_TREE,
-                                     "__gnu_lto_v1",
-                                     (unsigned HOST_WIDE_INT) 1, 8);
-#elif defined ASM_OUTPUT_ALIGNED_COMMON
-      ASM_OUTPUT_ALIGNED_COMMON (asm_out_file, "__gnu_lto_v1",
-                                (unsigned HOST_WIDE_INT) 1, 8);
-#else
-      ASM_OUTPUT_COMMON (asm_out_file, "__gnu_lto_v1",
-                        (unsigned HOST_WIDE_INT) 1,
-                        (unsigned HOST_WIDE_INT) 1);
-#endif
-      /* Let linker plugin know that this is a slim object and must be LTOed
-         even when user did not ask for it.  */
-      if (!flag_fat_lto_objects)
-        {
-#if defined ASM_OUTPUT_ALIGNED_DECL_COMMON
          ASM_OUTPUT_ALIGNED_DECL_COMMON (asm_out_file, NULL_TREE,
-                                         "__gnu_lto_slim",
+                                         "__gnu_lto_v1",
                                          (unsigned HOST_WIDE_INT) 1, 8);
 #elif defined ASM_OUTPUT_ALIGNED_COMMON
-         ASM_OUTPUT_ALIGNED_COMMON (asm_out_file, "__gnu_lto_slim",
+         ASM_OUTPUT_ALIGNED_COMMON (asm_out_file, "__gnu_lto_v1",
                                     (unsigned HOST_WIDE_INT) 1, 8);
 #else
-         ASM_OUTPUT_COMMON (asm_out_file, "__gnu_lto_slim",
+         ASM_OUTPUT_COMMON (asm_out_file, "__gnu_lto_v1",
                             (unsigned HOST_WIDE_INT) 1,
                             (unsigned HOST_WIDE_INT) 1);
 #endif
-        }
+         /* Let linker plugin know that this is a slim object and must be LTOed
+            even when user did not ask for it.  */
+         if (!flag_fat_lto_objects)
+           {
+#if defined ASM_OUTPUT_ALIGNED_DECL_COMMON
+             ASM_OUTPUT_ALIGNED_DECL_COMMON (asm_out_file, NULL_TREE,
+                                             "__gnu_lto_slim",
+                                             (unsigned HOST_WIDE_INT) 1, 8);
+#elif defined ASM_OUTPUT_ALIGNED_COMMON
+             ASM_OUTPUT_ALIGNED_COMMON (asm_out_file, "__gnu_lto_slim",
+                                        (unsigned HOST_WIDE_INT) 1, 8);
+#else
+             ASM_OUTPUT_COMMON (asm_out_file, "__gnu_lto_slim",
+                                (unsigned HOST_WIDE_INT) 1,
+                                (unsigned HOST_WIDE_INT) 1);
+#endif
+           }
+       }
     }
 
   /* Attach a special .ident directive to the end of the file to identify
      the version of GCC which compiled this code.  The format of the .ident
      string is patterned after the ones produced by native SVR4 compilers.  */
-  if (!flag_no_ident)
+  if (!flag_no_ident && !flag_bypass_asm)
     {
       const char *pkg_version = "(GNU) ";
       char *ident_str;
@@ -669,7 +677,10 @@
   /* This must be at the end.  Some target ports emit end of file directives
      into the assembly file here, and hence we can not output anything to the
      assembly file after this point.  */
-  targetm.asm_out.file_end ();
+  if (!flag_bypass_asm)
+    targetm.asm_out.file_end ();
+  else
+    lto_obj_file_close (lto_get_current_out_file ());
 
   timevar_stop (TV_PHASE_LATE_ASM);
 }
@@ -1739,7 +1750,8 @@
 
   if (!flag_wpa)
     {
-      init_asm_output (name);
+      if (!flag_bypass_asm)
+        init_asm_output (name);
 
       /* If stack usage information is desired, open the output file.  */
       if (flag_stack_usage)

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