Running great here.
Linux nas1 2.6.33-rc6-00219-gf5c72e7-svn #8 PREEMPT Tue Feb 9 16:38:20 CET 2010 armv5tel GNU/Linux

Wanted to setup an electrum server, did not notice that I downloaded the 0.8.0 source until I recognized the dbcache parameter in this topic.

tl;dr bitcoind with electrum-patch runs fine on armv5 and old kernel