Interesting, do you mean that one can use CPS transforms instead of SSA? I've never written a non-trivial code generator, so please excuse me if the question seem dumb.
[1] http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.34.3...
If you allow first-class continuations in user programs, though, all bets are off and CPS is more expressive.
Richard Kelsey wrote the paper that talks about how to convert between CPS and SSA forms, along with the first-class continuation limitation mentioned above:
http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.3.67...