That's a very good question (shows you have been paying attention :P).
A pipeline is a hard concept to understand, but fortunatly there is 1 good website on the internet (actually one on my very short list of good sites on the internet). ars-technica:
http://arstechnica.com/
They've got this great series about the CPU on a technical level, it's a bit hard to understand if you're not into the subject but they have provided some basis knowledge.
There is actually a two part (just to show how complex the concept of a pipeline is) guide about how a pipeline works, what pipeline stalls are, why this is a bad thing and why this is a fatal flaw in the netburst design.
http://arstechnica.com/articles/paed...pelining-1.ars
http://arstechnica.com/articles/paed...pelining-2.ars
They don't really go into what happens if a cache miss or branch prediction fault occurs, but if you read these two articles and read up on how cache works, why it's important etc you can form a clear image in you mind what actually does happen to the pipeline when a cache miss or branch prediction fault occurs. (I can tell you, it isn't pretty).
The short answer for those of you that are too lazy to read all this stuff (or simply don't have the time, skills, brain capacity etc):
The pipeline operates almost at the most basic level, any kind of higher intellegent behavoir at this level is almost impossible. The benefits would be nice, but the price is most certainly too high (if the current level of technology can even do it at all)
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