I could not it in the Wiki (which has changed a lot recently), but I found a forum post. (floating point search provides better results than fpu...)
gcc -O3 -mfloat-abi=softfp
I'm also interested in hardfloat, because have seen some impressive benchmarks on pandaboard (gzip 5 to 6 times faster with hardfloat vs softfloat).
In the same forum post, it seems Redhat might do a "Fedora armv6hl build" which would be great.