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..