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The most frequently used build tools are Maven and Ant. That comes as no surprise. The Java guys I know recommend these tools.
Incremental builds bring build time down to 30 seconds or so. Incremental means you only rebuild what is needed due to recent changes in code.
Here is something I have only remotely heard about. Automatic builds triggered by code checkin are on the rise. I know some frustrated developers on my project wish we had that. Builds are getting painful on my project.
One build idea that has just not taken off is building using cloud computing. I guess a lot of the cloud is just some hype and marketing. You can trust a technology unless it is being used in the trenches to solve real problems.