>but for some reason I can't connect to the target. The target
>just waits forever in the "kgdb waiting..." phase.

Are you using a null-modem cable between the two machines?  It sounds like
the serial connection between your machines doesn't work at all.  An easy
way to test this is to boot a kernel without kgdb support, turn on getty
for that port, and see if you get a login prompt from the other machine.

--Ken