According to Slashdot, Debian have overcome issues with the GNU tool chains and so will be able to get the m68k port of GNU/Linux up to date. The full summary from Slashdot follows.
After two years of work, Debian m68k has working build servers, and is slowly working through the backlog of stale packages. "Contrary to some rumours which I've had to debunk over the years, the m68k port did not go into limbo because it was kicked out of the archive; instead, it did because recent versions of glibc require support for thread-local storage, a feature that wasn't available on m68k, and nobody with the required time, willingness, and skill set could be found to implement it. This changed a few years back, when some people wrote the required support, because they were paid to do so in order to make recent Linux run on ColdFire processors again. Since ColdFire and m68k processors are sufficiently similar, that meant the technical problem was solved. However, by that time we'd fallen so far behind that essentially, we needed to rebootstrap the port all over again. Doing that is nontrivial, and most of the m68k porters team just didn't have the time or willingness anymore to work on this; and for a while, it seemed like the m68k port was well and truly dead."
The tales of acquiring the needed hardware are pretty interesting (one machine is an Amiga in a custom tower case).