I am developing a system targeted to run on a wandboard (www.wandboard.org), which is a really good "embedded" system similar to the BeagleBoard, but uses a Freescale iMX6 A9 Arm processor and is available in single, dual & quad core CPUs with 512MB to 2 GB RAM.
However, even with the quad core 2GB ram version, builds take a really long time, so I use a regular PC that I built using a new Haswell CPU, 16GB ram and a 240GB SSD to do development and even unit testing. I can make several changes, build everything 6 or more times and do some more testing in the time it takes the wandboard to complete 1 build. I also perfrom cross compiles on the "PC" to target the wandboard and scp the resulting binaries over after the build completes.
Both the wandboard and the PC run ubuntu 14.04 and the system in question is being developed in C++ with Boost, rabbitmq and ODB to run on the wandboard and also "regular" x86-64 linux and windows. You should also look into using Yocto, which looks very interesting for cross platform development. However, I am currently just using eclipse on both the wandboard and the linux PC (and MS Visual Studio on the windows machine).