Yesterday, stepping into iPhone development got a lot easier. "Kroo", an iPhone developer, put together this Binary Toolchain Installer for Intel Macs. Instead of taking two days to download, debug and compile, installation takes a few minutes. Download a copy and install and you're set to start programming.
You'll need to copy your iPhone files to your Macintosh for the toolchain (and the toolchain installation) to work. You can either use a tool like scp -r and connect to your hacked iPhone or you can copy the file system from one of the iTunes restore software dmgs--google for details. Rename the root of the iPhone file system "heavenly" and place it into /usr/local/arm-apple-darwin. Then run the installer.
One more thing: All the makefiles I have posted here at TUAW use the old toolchain. To use my makefiles with this new toolchain, you'll need to update the Makefile header as such.
Looking for a little hand-holding? Head over to irc.osx86.hu and connect to #iphone-uikit.