The Linux kernel exploits that by using two macros (likely() and unlikely()) that give hints to the compiler using GCC's __builtin_expect:
if(likely(condition)) dosomething();
if(likely(condition)) dosomething();
http://kerneltrap.org/node/4705
I also have some other links :
These people saw 10% gain in their Scheme http://people.csail.mit.edu/jaffer/CNS/interpreter-branch
And this concerns reducing power consumption using Branch Prediction Prediction ! http://www.eecg.toronto.edu/~moshovos/research/iccd02.pdf