Small group @ TI readying a low-cost development board, open hardware design
beagleboard.org
beagleboard.org
Soon your post-it sized computer can just run centos with a more or less stock kernel. Forget that arm nonsense. You can do it now with a Soekris (Geode CPU) http://www.soekris.com/ if you're so inclined. You don't even have to be a "hand selected early adopter" to be able to buy one.
The major inhibitor to using these arm platforms isn't the compiler it's that there aren't any low cost dev boards which are a practical size that you could also use in a prototype, w/o getting a hardware engineer to make a custom board layout for you. That's why I find things like this exciting. At least in my opinion.