Yup, we'd use IncrediBuild to keep build times down to something reasonable.
Unless you're working on something very console specific most of your day to day testing happens on PC. Even titles that don't have a PC port will have a PC version of the game since iteration time is so much quicker. Having something close in specs there means you'll see perf issues right up-front as opposed to when QA gets around to testing it the next day.
I recently worked on a AAA port where we had roughly 220Ghz worth of processing power hooked on IncrediBuild; a full rebuild still took about 15 minutes!
We had to make the engine sit on the PSVita and for that reason did all the development, debugging and testing on that platform. We even debugged a release build most of the time because the debug one wouldn't go above 5fps!
Unless you're working on something very console specific most of your day to day testing happens on PC. Even titles that don't have a PC port will have a PC version of the game since iteration time is so much quicker. Having something close in specs there means you'll see perf issues right up-front as opposed to when QA gets around to testing it the next day.