I used the document by Curtis Wald to install LTIB onto 11.10 and also tried it with 12.04.
With 12.04 It seemed to compile the kernel correctly but when I tried to rerun ltib to look at kernel settings it would error out.
I went to 11.10 following the documentation and this worked perfectly as far as I can tell although I have not tried to boot up the image I built yet. I added support in the kernel for a few things and it compiled great. (Original build on an i7 under VMWare player 5.0 with 2gigs ram associated with it and 4 cores assigned took 9900 seconds. )
We were using 12.04 in the adeno classes in Detroit I just took so I am assuming that someone has an updated method of getting this setup?
I am using a 53 QSB for now but the class was for the newer imx6 boards which I plan to get one of soon but I want to make use of this 53qsb for now.
My intent is to use this to build for both the imx53 qsb and the imx6 solo board. I also want to have it work to build Android systems as well so I have one solid VM to build systems for either board. (I currently have a 150GB virtual drive setup for this intention.)