Qt*/X11(x86), Qt*/qvfb, Qt*/neo(arm)
directory  structure followed are suited for my purpose it's your prerogative to define one of your own
By Qt* the reference is towards Qtmoko/Qtopia/Qt-Extended.
The first two(mentioned below) are for development machine/host machine, while the later is for building Qt applications for target platform.

Running Qt*

Imp:- The term LiMo here has nothing to do with any foundation.. it's out here as a generic term where Linux is used  on a mobile device along with other software stack to provide the needed functionality. 

The steps involved are clearly specified in qtmoko.org. It was a long procedure in my testbed with limited mem.. Even some of the errr as well as the outputs produced by the compilation process are given in quotes as it was important for me how I come to resolve some issues..

Hope the content is reproduced precisely the way I tried it some days back...This should have been the post before this

Initally download the toolchain from

http://wiki.openmoko.org/wiki/Toolchain

Create symbolic link for the needed toolchain

Resolved on making use of gta02 as a regular phone.
What better than to make use of (as a regular device and a development env) the device on a regular basis.

It's the only way to get to know the device and getting started with....

Feels like having the whole world in one's hand

It's just how you want to perceive anything - It's basically all about what you want to do with the phone - if it's just a basic phone function that one is looking for then better go for other phone set available in the market.