The sorting algorithm of this question becomes twice faster(!) if -fprofile-arcs is enabled in gcc (4.7.2). The heavily simplified C code of that question (it turned out that I can initialize the array with all zeros, the weird performance behavior remains but it makes the reasoning much much simpler):
#include <time.h>
#include <stdio.h>
#define ELEMENTS 100000
int main() {
  int a[ELEMENTS] = { 0 };
  clock_t start = clock();
  for (int i = 0; i < ELEMENTS; ++i) {
    int lowerElementIndex = i;
    for (int j = i+1; j < ELEMENTS; ++j) {
      if (a[j] < a[lowerElementIndex]) {
        lowerElementIndex = j;
      }
    }
    int tmp = a[i];
    a[i] = a[lowerElementIndex];
    a[lowerElementIndex] = tmp;
  } 
  clock_t end = clock();
  float timeExec = (float)(end - start) / CLOCKS_PER_SEC;
  printf("Time: %2.3f\n", timeExec);
  printf("ignore this line %d\n", a[ELEMENTS-1]);
}
After playing with the optimization flags for a long while, it turned out that -ftree-vectorize also yields this weird behavior so we can take -fprofile-arcs out of the question. After profiling with perf I have found that the only relevant difference is:
Fast case gcc -std=c99 -O2 simp.c (runs in 3.1s)
    cmpl    %esi, %ecx
    jge .L3
    movl    %ecx, %esi
    movslq  %edx, %rdi
.L3:
Slow case gcc -std=c99 -O2 -ftree-vectorize simp.c (runs in 6.1s)
    cmpl    %ecx, %esi
    cmovl   %edx, %edi
    cmovl   %esi, %ecx
As for the first snippet: Given that the array only contains zeros, we always jump to .L3. It can greatly benefit from branch prediction. 
I guess the cmovl instructions cannot benefit from branch prediction. 
Questions:
- Are all my above guesses correct? Does this make the algorithm slow? 
- If yes, how can I prevent gcc from emitting this instruction (other than the trivial - -fno-tree-vectorizationworkaround of course) but still doing as much optimizations as possible?
- What is this - -ftree-vectorization? The documentation is quite vague, I would need a little more explanation to understand what's happening.
Update: Since it came up in comments: The weird performance behavior w.r.t. the -ftree-vectorize flag remains with random data. As Yakk points out, for selection sort, it is actually hard to create a dataset that would result in a lot of branch mispredictions.
Since it also came up: I have a Core i5 CPU.
Based on Yakk's comment, I created a test. The code below (online without boost) is of course no longer a sorting algorithm; I only took out the inner loop. Its only goal is to examine the effect of branch prediction: We skip the if branch in the for loop with probability p.
#include <algorithm>
#include <cstdio>
#include <random>
#include <boost/chrono.hpp>
using namespace std;
using namespace boost::chrono;
constexpr int ELEMENTS=1e+8; 
constexpr double p = 0.50;
int main() {
  printf("p = %.2f\n", p);
  int* a = new int[ELEMENTS];
  mt19937 mt(1759);
  bernoulli_distribution rnd(p);
  for (int i = 0 ; i < ELEMENTS; ++i){
    a[i] = rnd(mt)? i : -i;
  }
  auto start = high_resolution_clock::now();
  int lowerElementIndex = 0;
  for (int i=0; i<ELEMENTS; ++i) {
    if (a[i] < a[lowerElementIndex]) {
      lowerElementIndex = i;
    }
  } 
  auto finish = high_resolution_clock::now();
  printf("%ld  ms\n", duration_cast<milliseconds>(finish-start).count());
  printf("Ignore this line   %d\n", a[lowerElementIndex]);
  delete[] a;
}
The loops of interest:
This will be referred to as cmov
g++ -std=c++11 -O2 -lboost_chrono -lboost_system -lrt branch3.cpp 
    xorl    %eax, %eax
.L30:
    movl    (%rbx,%rbp,4), %edx
    cmpl    %edx, (%rbx,%rax,4)
    movslq  %eax, %rdx
    cmovl   %rdx, %rbp
    addq    $1, %rax
    cmpq    $100000000, %rax
    jne .L30
This will be referred to as no cmov, the -fno-if-conversion flag was pointed out by Turix in his answer.
g++ -std=c++11 -O2 -fno-if-conversion -lboost_chrono -lboost_system -lrt branch3.cpp
    xorl    %eax, %eax
.L29:
    movl    (%rbx,%rbp,4), %edx
    cmpl    %edx, (%rbx,%rax,4)
    jge .L28
    movslq  %eax, %rbp
.L28:
    addq    $1, %rax
    cmpq    $100000000, %rax
    jne .L29
The difference side by side
cmpl    %edx, (%rbx,%rax,4) |     cmpl  %edx, (%rbx,%rax,4)
movslq  %eax, %rdx          |     jge   .L28
cmovl   %rdx, %rbp          |     movslq    %eax, %rbp
                            | .L28:
The execution time as a function of the Bernoulli parameter p

The code with the cmov instruction is absolutely insensitive to p. The code without the cmov instruction is the winner if p<0.26 or 0.81<p and is at most 4.38x faster (p=1). Of course, the worse situation for the branch predictor is at around p=0.5 where the code is 1.58x slower than the code with the cmov instruction. 
 
     
    