TL/DR: Where can I find more information about building a GCC 4.7.0 cross-compiling toolchain for ARM (gnueabi) platform (intended to run on
As you've noted, building on the Raspberry Pi itself is slow, but reliable (since it's not cross-compiling), provided you don't run out of memory. Perhaps it's possible to tweak the memory and swap settings to make larger builds possible (if not fast). I know on the forums, people are talking about putting root partitions on SD, user partitions on USB drives, and of course it will probably make a difference to get a fast (class 6 or better) SD card. It's possible, over time, that the compilation performance will improve as the software improves. Or, maybe Raspberry Pi 2 will have an improved chipset and more RAM. :-)