@cave: Have you tried building a minimal image from trunk or master?
My builds keep failing when I try to add too many packages but a simple default build should work, enough to boot up and get a shell. I could put an img file somewhere public but it's a bit messy while I try to get a fully working non-gui server to work (with lighttpd and php/sqlite). Make sure you have a gcc build env set up with git and subversion, change directory to where you have 3 or 4 gigs of free space and...
git clone https://github.com/mirrors/openwrt.git
./scripts/feeds update -a
./scripts/feeds install -a
echo "CONFIG_TARGET_brcm2708_RaspberryPi=y" > .config
echo 'CONFIG_TARGET_OPTIMIZATION="-pipe -march=armv6 -mtune=arm1176jzf-s -mfpu=vfp -mfloat-abi=hard -marm"' >> .config