I have it compiled since months
http://z.drun.net/packages/kphone_4.2_armv5tel.ipk
EDIT:
just updated it, did not had menu shortcuts and icons.
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I've just installed 4.2 and in some respects it is an improvement on 4.04:
- it remembers your password without having to manually insert it into kphonerc, as before;
- it consistently registers with the SIP server on startup and (generally) holds the registration open after a call ends.  This was completely flaky in 4.04.  But I did still get a couple of occasions when I had to restart it in order to get re-registered.
However, on the downside, I never got even a squeak out of it!!!  No sound output whatsoever ;-(  I had the "ReadandWrite" setting selected, i.e., use the same device for both, and this device set to /dev/dsp.  These are the settings that *do* work (for me) in 4.04.  I tried with /dev/audio instead but it never even managed to get registered with this setting ;-(
If anybody has any better luck, I'd like to hear about it!  But I still think Ekiga, and possibly only on a 2.6 kernel, is the only thing that has a chance of working well.
EDIT: Turns out that the microphone *is* working.  A friend who I rang has a recording of me on his voicemail!  So just the output (speakers) not working.