SOLVED -- I investigated a bit within the makefiles and here's what I discovered.
Actually the problem was not with the framework itself, but with compiling VLC on Mac OS X. Having figured that, I checked
http://wiki.videolan.org/OSXCompile and found that you should set a pair of global variables before running ./configure :
$ export CC=/Developer/usr/bin/llvm-gcc-4.2
$ export CXX=/Developer/usr/bin/llvm-g++-4.2
$ export OBJC=/Developer/usr/bin/llvm-gcc-4.2
Without these, make will use the default gcc, which is, on Mac OS X Leopard, gcc-4.0. Yet gcc-4.2 is needed, else build will fail as stated in the bootstrap output:
*****************************************************************
* We are using GCC-4.2 on OS X, so compilation WILL FAIL if it *
* is NOT installed. *
*****************************************************************
So you need to include those three lines between the second ./bootstrap and the ./configure
However this is not enough. Indeed, the last build phase (make in projects/macosx/framework) calls the Xcode project builder, which by default will in turn rebuild everything from the first step, without proper setting of the global variables, thus failing the build.
To circumvent this, do not run the final make but instead after having built the vlc core, open the framework project in Xcode, select VLCKit as the active target, and build.
That's it!