Another nod to buildroot (Score 1)

I have used buildroot for several embedded applications (http://buildroot.uclibc.org/); not only is it good to go for many embedded platforms, it also has a fairly active developer community, and is much more than a simple toolchain (distribution contains scripts to download and compile lots of commonly used packages - pick your target platform, select packages to build, make...(wait)... Optionally tweak the target, install, and you're good to go. It has been an excellent fit for several of our projects. I'd recommend at least taking a look at it before trying to build something from scratch, could save you a LOT of time.