I have new information. If I do:
file hello.x
I get:
hello.x: ERROR: ELF 32-bit MSB executable, PowerPC or cisco 4500, version 1 (SYSV), statically linked, interpreter ib/ld.so.1 error reading (Invalid argument)
Performing a readelf on my machine, I can see that the interpreter is supposed to be /lib/ld.so.1.
Furthermore, if I take a working binary from the board (/bin/cat) and do a readelf on my personal machine I get a litany errors suggesting that the format of these executables is not what's expected.
There appears be a mismatch of some sort between the compiler for the operating system images and the compiler for the toolchain.