Currently I do developing my own Roaming VoIP PBX as a Raspberry Pi image, and have to rebuild project packages often. It is not best idea to compile packages right on Raspberry Pi. That would take hours. I was searching for a tool that can create image base — on my laptop or VPS.
Here is good starting point: http://blog.kmp.or.at/2012/05/build-your-own-raspberry-pi-image/, there is an shell script that will build image (right-click and select ‘download as’).
Some links about cross compilation and QEMU (QEMU for emulation and compilation on “Raspberry Pi” environment):
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http://ffmpeg.org/trac/ffmpeg/wiki/How%20to%20compile%20FFmpeg%20for%20Raspberry%20Pi%20(Raspbian);
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http://hertaville.com/2012/09/28/development-environment-raspberry-pi-cross-compiler/”;
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http://xecdesign.com/qemu-emulating-raspberry-pi-the-easy-way/”;
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http://www.raspberrypi.org/phpBB3/viewtopic.php?f=29&t=37386”;
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http://elinux.org/Rpi_kernel_compilation#Cross_compiling_from_OSX”.
Update (May 2013)
While ago I’ve created a repository with a helpers: https://github.com/andrius/build-raspbian-image/, check it out!