I've tried once to compile it. Gave up.
I don't understand why can't you bundle all the needed libraries and distribute the complete source code with the client?
1) You will get more trust. What's the point of doing code review if you can't compile a binary version from it?
2) You will get more developers involved. I, personally, can't spend several days, figuring out just how to compile it. But if it were a matter of loading it into VS and hitting Build, I might work on small features or optimizations.
And the most annoying is that I don't see any rational reasons not to do it! Why hasn't it been done from the beginning? Are you trying to impose some sort of an artificial "entry barrier"?
P.S. I am specifically talking about Windows.
It is more difficult to compile anything on windows by default.
If you want to EASILY compile things, move to an Open Source UNIX-like system (such as Linux), which is designed for ease of compilation by default.
However, having a proper ./configure script on UNIX/Linux wouldn't hurt. For now it is not possible to do the following on the Bitcoin client sources:
make
make install
Which is a little annoying. Other then that, compilation on UNIX is not problematic.