I'm currently using Intel C/C++ compiler Version 12.0.0.024 Beta Build 20100415. It's part of Intel Parallel Studio 2011 Beta.
I've just found that it compiles all files every time even if a single file is touched. You can easily reproduce this bug.
Open Visual C++ 2010, and create MFC application.
Just put a name and click finish. You'll get a default MDI-style application.
Change to use Intel C++.
First, compile the project. It rebuilds all. It's okay.
Touch a file such as MainFrm.cpp, then compile the project. Then, it compiles every file.
I believe the older version of ICC should be okay. (I've been using ICC for a long time) Here is the build log. I only modifed MainFrm.cpp. Note that Visual C++ 2010 is okay. It only compiles MainFrm.cpp.