Makefile.pre defines BASECFLAGS to include -Wunreachable-code. When building in the Linux environment available to me (GCC 4.4.6), compilation spews tons of warnings about "warning: will never be executed". According to this StackOverflow thread: http://stackoverflow.com/questions/14591778/ that flag was always broken in GCC and was eventually removed in 4.5. Maybe we should dispense with it when building Python, at least unless requested by the user.
This seems to work for me. Diff against default. I have no idea how old the autoconf setup is here at work. I imagine you'll want to only apply the configure.ac patch and regenerate configure.
Thanks for the suggested patches. I used a somewhat different approach in an attempt to retain the benefit of the unreachable code warning when using other (non-GCC) compilers, in particular, llvm clang where the warnings do seem to be useful.