I don't like relying on (release-only) llvm optimizations for a number of reasons, but primarily a) they break between releases, more often than you'd think, b) they're part of the reason why debug builds of rust software are so much slower (at runtime) than release builds, c) they're much harder to verify (and very opaque).

For non-performance-sensitive code, sure, go ahead and rely on the rust compiler to compile away the allocation of a whole new vector of a different type to convert from T to AtomicT, but where the performance matters, for my money I would go with the transmute 100% of the time (assuming the underlying type was decorated with #[transparent], though it would be nice if we could statically assert that). It'll perform better in debug mode, it's obvious what you are doing, it's guaranteed not to break in a minor rustc update, and it'll work with &mut [T] instead of an owned Vec<T> (which is a big one).