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Peephole optimization would identify and remove code that cannot be executed due to the program's logic, thus saving space and potentially decreasing the size of the binary.

Strength reduction is a peephole optimization where costly operations are replaced with equivalent, less expensive ones to increase performance.

Peephole optimization can improve register allocation by reducing the number of instructions that use registers, thus freeing them up for other uses and minimizing register spills.

Replacing a series of conditional jumps with a multiway branch can simplify the control flow and potentially improve execution speed by reducing the number of jump instructions.

Peephole optimization is a code optimization technique that makes local transformations to improve performance or reduce code size within a 'peephole', or small region, of the program.

It's named 'peephole' because it involves looking at a very small part of the code (like looking through a peephole) to make optimizations, rather than considering the entire program at once.

Peephole optimization differs from other techniques in that it focuses on very small sections of code and is often performed after initial larger-scale optimizations have been done.

An example would be replacing a multiplication by a power of 2, like $x * 2$, with a left shift operation, $x << 1$.

Common peephole optimizations include removing redundant instructions, replacing expensive operations with cheaper ones, eliminating unnecessary jumps, and simplifying conditional branches.