This change is discussed in D15392.
It should be safe to convert any pair of bitcasts into a single bitcast.
It was mentioned here:
http://lists.llvm.org/pipermail/llvm-commits/Week-of-Mon-20110829/127089.html
that we're not allowed to bitcast from an x86_mmx to some other types, but I'm not seeing any failures from that.
I can add mmx-specific regression tests to confirm if that is still a concern.