Followed the steps from here, with some changes:
Here is exactly what I did (make sure you have build essentials etc. installed):
# Get source
tar -xf node-v0.6.13.tar.gz
cd node-v0.6.13
# Edit deps/v8/SConstruct and add two compiler flags:
[...]
'CCFLAGS': ['$DIALECTFLAGS', '$WARNINGFLAGS', '-march=armv7-a', '-mtune=cortex-a8'],
[...]
# I decided to leave the existing node intact and install this version for a node user.
./configure --path=$HOME/local
# Grab a coffee
make
# Almost done
make install
Build took <1h. Until now I haven't had any problems. Don't forget to add $HOME/local/bin to your user's PATH.
make test resulted in only 1 failed test, and I think that was related to the busybox curl version having problems with https.