This NVIDIA video podcast (dated?) suggests bypassing OpenGL's matrix stack as a performance tip. It also suggets to bypass OpenGL's lighting, which implies that their intention is to actually transform the geometry manually. I happen to do this anyway for other reasons.
Ofcourse, it doesn't make sense that you'll actually benefit from this unless there's a way to have OpenGL disable it's own transformations. AFAIK there's no explicit way to do this, and the video doesn't give any hints about this either.
It can be logically done, ofcourse, by loading identity into gl's matrices. Should I expect a decent implementation to actually skip a transformation altogether if a matrix is identity?