I decided to revert to the cross-compile option, which was a) much, much faster to compile! and b) completed successfully..

Then I followed the instructions to install the results on an 8GB SD Card…      It is worth mentioning, that this is a case where RTFM is absolutely required, as the whole process is different from what you might expect..

The instructions are in two parts, at

http://openelec.tv/news/item/241-openelec-meets-raspberry-pi-part-1

and

http://openelec.tv/component/k2/item/242-openelec-meets-raspberry-pi-part-2

One point to mention…  The file names shown in the example are for the then-current version of the software, which has changed, so these will need to be edited to match the file version / name that you have just compiled on your system..

After you have completed all this, and inserted the SD Card, the system will take some time to complete the first boot, but you should see the OpenELEC and Raspberry Pi logos at the start, and then just a blank screen for a few minutes..    Finally you will see the familiar XBMC screen.    Subsequent boot times will be shorter, as the initialisation process will have already been completed..

XBMC on the Raspberry Pi