I got the uClibc shared library loader working today. Much of the initial porting effort was done by Manuel. I am not very happy with the way multiple architectures are supported with ld.so -- its cross platform support really needs some rethinking in the future. Regardless, it is now working flawlessly on x86. I've started porting the shared lib loader to ARM, but it is not ready yet (i.e. doesn't even compile).
One downside to running several Open Source projects is that when working on one, the other gets neglected. I've been neglecting BusyBox for the last few days...