Hi,
thanks to Oleg's great work on our kernel, gcc 3.4 seems to be usable with latest OpenWrt CVS now. GCC 3.4 is the first version that really optimizes the code on MIPS, so we'd really like to use it as default.
I have put a test build online at http://openwrt.inf.fh-brs.de/~nbd/gcc34/. Please give it a try and report back, so that we know if all the packages you use still work with gcc 3.4.
Thanks