When should I omit the frame pointer?

Is there any substantial optimization when omitting the frame pointer? If I have understood correctly by reading this page, -fomit-frame-pointer is used when we want to avoid saving, setting up and restoring frame pointers.

Is this done only for each function call and if so, is it really worth to avoid a few instructions for every function? Isn't it trivial for an optimization. What are the actual implications of using this option apart from the debugging limitations?

I compiled the following C code with and without this option

int main(void)
{
        int i;

        i = myf(1, 2);
}

int myf(int a, int b)
{
        return a + b;
}

,

# gcc -S -fomit-frame-pointer code.c -o withoutfp.s
# gcc -S code.c -o withfp.s

.

diff -u 'ing the two files revealed the following assembly code:

--- withfp.s    2009-12-22 00:03:59.000000000 +0000
+++ withoutfp.s 2009-12-22 00:04:17.000000000 +0000
@@ -7,17 +7,14 @@
        leal    4(%esp), %ecx
        andl    $-16, %esp
        pushl   -4(%ecx)
-       pushl   %ebp
-       movl    %esp, %ebp
        pushl   %ecx
-       subl    $36, %esp
+       subl    $24, %esp
        movl    $2, 4(%esp)
        movl    $1, (%esp)
        call    myf
-       movl    %eax, -8(%ebp)
-       addl    $36, %esp
+       movl    %eax, 20(%esp)
+       addl    $24, %esp
        popl    %ecx
-       popl    %ebp
        leal    -4(%ecx), %esp
        ret
        .size   main, .-main
@@ -25,11 +22,8 @@
 .globl myf
        .type   myf, @function
 myf:
-       pushl   %ebp
-       movl    %esp, %ebp
-       movl    12(%ebp), %eax
-       addl    8(%ebp), %eax
-       popl    %ebp
+       movl    8(%esp), %eax
+       addl    4(%esp), %eax
        ret
        .size   myf, .-myf
        .ident  "GCC: (GNU) 4.2.1 20070719