Xcode 4.3 Requires Changes to Build System on OS X Hosts
The latest version of Apple's Xcode [4.3 as of creation of this ticket] has moved the toolchain around the filesystem. The /Developer directory is no longer used and materials that were located there have been moved into the App package itself which resides in the /Applications directory.
Sebastien Zwickert has already created a partial patch for this, and I have attached it for reference sake. The original discussion and patch source is on the vlc-devel mailing list: http://thread.gmane.org/gmane.comp.video.videolan.vlc.scm/10563/focus=84614
Additional changes are required to extras/package/macosx/build.sh to enable VLC to be built with the new toolchain paths. I have attached a patch that addresses this. Since these paths were hardcoded initially, I did the same with the replacements. In other words, Xcode 4.3 will be required in order to use the one line build command if this gets committed. Probably less of an issue now that Xcode is free [again].
Combined, the two patches get the VLC build system back up working on OS X host systems running Xcode 4.3.
Note: My patch is dependent on Sebasien's because I do use his new $OSX_SDK env var when specifying --with-macosx-sdk.