GCC 3.4 is quite outdated. 2.95 is just plain old. Why not code in Fortran while you're at it?
My development group is also stuck with gcc 2.9x series because it's only compiler our toolchain maker (WindRiver) supports for VxWorks 5.X. I'm guessing he's in a similar situation. I can't complain though -- we've never had an issue with it.
Dinosaurs aren't extinct. They've just learned to hide in the trees.