There is no such command line option, but you could make your own
command line option, if you put something like this (only slightly
tested) into your .emacs:
(defun my-is-option-p (str)
"Return non-nil if STR is an command line option."
(string-match "^--?"
str))
(defun my-command-line-make-new-frames ()
"Process open each files in a new frame.
This function is supposed to be an element of
`command-line-functions' (q.v.). Its functionality is triggered
if ARGI is \"--as-frames\" and opens each element in
COMMAND-LINE-ARGS-LEFT not starting with a slash as a file in a
separate frame."
(when (string= argi "--as-frames")
(unless (my-is-option-p (car command-line-args-left))
(find-file (pop command-line-args-left)))
(while (and command-line-args-left
(not (my-is-option-p
(car command-line-args-left))))
(find-file-other-frame
(pop command-line-args-left))
t)))
(push 'my-command-line-make-new-frames
command-line-functions)