Using the -b parameter still seems to invoke a boot optimization pass, however using -w doesn't seem to do anything. Large fragments still remain.
It also doesn't consolidate free space as much anymore. Large chunks of data are left untouched, and as a result, fragmentation is very quick to re-appear on the drive.
Thing is, i have tested PerfectDisk, Diskeeper, O&O, MyDefrag / JKDefrag, and Defraggler. The Windows defrag option, for some reason, yielded the quickest boot up times.
All the other defrag utilities actually slowed down my boot up time, and caused my desktop to take an unreasonably long time to load in and become usable.