Updated: The actual resolution that the compile box which served my compile request was different. In the slower instance I was running code compiled on a SuSE 9 but running on a SuSE 10 box. That was sufficient difference for me to drop it and compare apples to apples. When using the same compile box the results were as follows:
g++ was about two percent slower
delta real 4 minutes delta user 4 mintues delta system 5 seconds
Thanks!
gcc v4.3 vs g++ v4.3 reduced to simplest case used nothing but simple flags
#include <stdio.h>
#include <stdlib.h>
int main (int argc, char **argv)
{
    int i=0;
    int j=0;
    int k=0;
    int m=0;
    int n=0;
    for (i=0;i<1000;i++)
        for (j=0;j<6000;j++)
            for (k=0;k<12000;k++)
            {
                 m = i+j+k;
                 n=(m+1+1);
            }
    return 0;
}
Is this a known issue? The 15% is very repro. and is across the board for real, system, and user time. I have to wait to post the assembly until tomorrow.
Update: I have only tried on one of my compile boxes. I am using SuSE 10.