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Optimization level 2 in chez scheme does about 100 KLOC/s in my pretty modest machine, while also producing code that is pretty darn fast.
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There is nothing stopping you from building an old-fashioned single-pass compiler, if compile time is your only concern. The code it generates just wouldn't be very good.
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This highly depends on the language and your skill as a compiler writer. You can write a single pass assembler that generates great code but you have to of course write the low level code yourself (including manual register assignment). To do decent automatic register assignment, I agree you need at least two passes, but not 10 or more.
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