Yup, the tool chain is the same one Arduino is using, which I believe was built by the Maple folks. It's really just a very generic "arm-eabi-none" gnu toolchain.
Near the bottom of my to-do list is custom compiling the toolchain with a newer gcc version and options to (hopefully) reduce the installed size. Newlib could be built with better options, as Bill has mentioned, but long before I fiddle with custom building the toolchain, I'm going to port the AVR malloc/realloc/free to ARM.