I forgot about the optimization bug, and apparently it isn’t fixed in the Xcode 3.1 beta. GDAL 1.5.1 fixed to work around this – this update only affects those on 64bit Leopard (ie Core 2 Duo processors).
“The beast is actively interested only in now, and, as it is always now and always shall be, there is an eternity of time for the accomplishment of objects.” – the wisdom of Tarzan