I've compiled it using the apple-gcc42 toolchain from homebrew. qemu-system-arm starts up with a white window, CPU usage goes up but window just hangs there. I can access the menus and click the window to switch input focus, that's about it. There is no debug output/logging to give any clue what it's doing.
My qemu-system-i386 runs fine, so it's probably ARM specific. I've encountered other users with the same problem.
