Im having the same problem. I installed the latest xcode and readline and subversion according to the wiki. now this:
Last login: Thu Aug 9 20:47:58 on ttyp2
Welcome to Darwin!
cameron-lees-computer:~ Cameron$ cd ./iPhone/trunk/iPHUC
-bash: cd: ./iPhone/trunk/iPHUC: No such file or directory
cameron-lees-computer:~ Cameron$ cd phonedmg/iphuc
cameron-lees-computer:~/phonedmg/iphuc Cameron$ svn co
http://iphonesvn.halifrag.com/svn/iPhone
Checked out revision 8.
cameron-lees-computer:~/phonedmg/iphuc Cameron$ cd ./iPhone/trunk/iPHUC
cameron-lees-computer:~/phonedmg/iphuc/iPhone/trunk/iPHUC Cameron$ ./autogen.sh && ./configure --with-readline=/opt/local && make
checking for a BSD-compatible install... /usr/bin/install -c
checking whether build environment is sane... yes
checking for gawk... no
checking for mawk... no
checking for nawk... no
checking for awk... awk
checking whether make sets $(MAKE)... yes
checking for g++... g++
checking for C++ compiler default output file name... a.out
checking whether the C++ compiler works... yes
checking whether we are cross compiling... no
checking for suffix of executables...
checking for suffix of object files... o
checking whether we are using the GNU C++ compiler... yes
checking whether g++ accepts -g... yes
checking for style of include used by make... GNU
checking dependency style of g++... gcc3
checking for a BSD-compatible install... /usr/bin/install -c
checking how to run the C++ preprocessor... g++ -E
checking for egrep... grep -E
checking for ANSI C header files... yes
checking for sys/types.h... yes
checking for sys/stat.h... yes
checking for stdlib.h... yes
checking for string.h... yes
checking for memory.h... yes
checking for strings.h... yes
checking for inttypes.h... yes
checking for stdint.h... yes
checking for unistd.h... yes
checking CoreFoundation.h usability... no
checking CoreFoundation.h presence... no
checking for CoreFoundation.h... no
checking CoreFoundation/CoreFoundation.h usability... yes
checking CoreFoundation/CoreFoundation.h presence... yes
checking for CoreFoundation/CoreFoundation.h... yes
checking for an ANSI C-conforming const... yes
checking for stdlib.h... (cached) yes
checking for GNU libc compatible malloc... yes
checking for initscr in -lncurses... yes
checking if libreadline needs libncurses... yes
checking for readline in -lreadline... yes
checking for rl_completion_matches in -lreadline... yes
configure: creating ./config.status
config.status: creating Makefile
config.status: creating config.h
config.status: config.h is unchanged
config.status: executing depfiles commands
cd . && /bin/sh /Users/Cameron/phonedmg/iphuc/iPhone/trunk/iPHUC/missing --run autoheader
touch ./config.h.in
cd . && /bin/sh ./config.status config.h
config.status: creating config.h
config.status: config.h is unchanged
make all-am
g++ -g -O2 -L/opt/local/lib -o iphuc -framework CoreFoundation -F/System/Library/PrivateFrameworks -framework MobileDevice main.o Shell.o NormalInterface.o RestoreInterface.o privateFunctions.o RecoveryInterface.o -lreadline -lncurses
/usr/bin/ld: multiple definitions of symbol __AMRUSBInterfaceReadPipe
main.o definition of __AMRUSBInterfaceReadPipe in section (__DATA,__data)
Shell.o definition of __AMRUSBInterfaceReadPipe in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __AMRUSBInterfaceWritePipe
main.o definition of __AMRUSBInterfaceWritePipe in section (__DATA,__data)
Shell.o definition of __AMRUSBInterfaceWritePipe in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __performOperation
main.o definition of __performOperation in section (__DATA,__data)
Shell.o definition of __performOperation in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __restored_receive_message
main.o definition of __restored_receive_message in section (__DATA,__data)
Shell.o definition of __restored_receive_message in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __restored_send_message
main.o definition of __restored_send_message in section (__DATA,__data)
Shell.o definition of __restored_send_message in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __sendCommandToDevice
main.o definition of __sendCommandToDevice in section (__DATA,__data)
Shell.o definition of __sendCommandToDevice in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __sendControlPacket
main.o definition of __sendControlPacket in section (__DATA,__data)
Shell.o definition of __sendControlPacket in section (__DATA,__data)
/usr/bin/ld: multiple definitions of symbol __socketForPort
main.o definition of __socketForPort in section (__DATA,__data)
Shell.o definition of __socketForPort in section (__DATA,__data)
collect2: ld returned 1 exit status
make[1]: *** [iphuc] Error 1
make: *** [all] Error 2
cameron-lees-computer:~/phonedmg/iphuc/iPhone/trunk/iPHUC Cameron$
mine is intel c2d not ppc though.