Yes, I know the complaint is that it's "too large" just for gcc and related toolchain. But that's not true for me. I find it far, far easier to just download one thing from Apple and install it, then to spend cycles of my own to figure out how to save myself a little bit of disk space.
but gcc-4.2 is the real deal gcc-4.2 --version i686-apple-darwin11-gcc-4.2.1 (GCC) 4.2.1 (Apple Inc. build 5666) (dot 3) Copyright (C) 2007 Free Software Foundation, Inc. This is free software; see the source for copying conditions. There is NO warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
This causes problems for software that doesn't compile right with LLVM yet (arguably bugs in the software, but tell that to someone who can't use the LLVM compiled binaries any more).
Eventually, the version of Xcode that includes GCC will be too old to do anything useful with.
So then you wouldn't be able to "just install XCode", unfortunately.
For all of my personal projects and projects at work I am using clang because the errors and warnings it gives me are clearer, pinpoint the problem and it compiles my codebase almost 30% faster than GCC.