There is SIMD support in the language as well which supports most of SSE4.2, check out http://docs.factorcode.org/content/article-math.vectors.simd...
You may also want to use SSE2 for saturated scalar additions or prefetches.
Very few people have x86 processors that don't support SSE2 these days. In our tests at IMVU, I think less than 1% of our customers didn't support SSE2, and it was only that high due to the Athlon XP.
In short: when starting a project targeting x86 today, default SSE2 on.
The optimizer will choose when and how to make use of the SSE and SSE2 instructions when /arch is specified. SSE and SSE2 instructions will be used for some scalar floating-point computations, when it is determined that it is faster to use the SSE/SSE2 instructions and registers rather than the x87 floating-point register stack. As a result, your code will actually use a mixture of both x87 and SSE/SSE2 for floating-point computations. Additionally, with /arch:SSE2, SSE2 instructions can be used for some 64-bit integer operations.
In addition to using the SSE and SSE2 instructions, the compiler will also use other instructions that are present on the processor revisions that support SSE and SSE2. An example is the CMOV instruction that first appeared in the Pentium Pro revision of the Intel processors.
There are pros and cons to both compiling at load time or run time; one of the disadvantages of the former is less flexibility when it comes to using CPU-specific features.