fpic and mcmodel ifort 11 clarification, static libs >2GB data

I've read though other posts that seem to indicate a lot of
confusion on the use of -fpic/fPIC and mcmodel= flags especially
with static libs. I understand that -fpic is needed for shared libs.

We are using ifort 11, 64bit on CentOS, building/linking
against static libs.

Application depends on several libraries and it is not
clear to me when to use the -fpic or mcmodel flags.
(ex: =mcmodel=medium -shared_intel)
How "deep" do you have to go with this?