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When we got back from Munich, Andras had an idea what is the current
bottleneck with the build when there are a lot of languages enabled, and
it was the po2oo script, which is part of translate-toolkit.
First I tried to optimize that script, but then I tried to do the same gettext-to-SDF conversion from scratch, without using that framework at all, and it seems that caused a drastic speedup.
There were a few iterations, but now the two patches are in master, along with a fix in fast_merge.pl, which was there since at least commit 654810b (2009-06-17). ;)