There are a number of additional dependencies required for getting things installed on OS X. Starting with a blank slate OS X machine, this is the process it takes:
# Install Xcode Command Line Tools
# Install Homebrew
ruby -e "$(curl -fsSkL raw.github.com/mxcl/homebrew/go)"
# Some deps
brew install node spidermonkey closure-compiler yuicompressor
brew install llvm --with-clang
cd ~/Repos
git clone git://github.com/kripken/emscripten.git
Note that at least some parts of this script are now out of date. For instance, there are more recent versions of git, and emscripten says that the officially supported version of Clang is 3.1, not 3.0.