This is how I have successfully compiled gphoto2 and libghoto2 cvs on my FreeBSD 4.8-RELEASE box.
These steps should work for a while until the code changes too much, but if they start to fail
you can get the cvs from -D "2003-04-18 12:00:00 GMT", which is roughly the one I used. Also,
before you begin I recommend installing the latest port of gphoto2 and libgphoto2. When you
install these they will make sure you have all the other dependancies in place to make this
unconventional installation work. After you install gphoto2 and libgphoto2 from the ports go ahead
and pkg_delete them before you do the steps below. As a final note, you also want to install the
latest version of devel/autoconf (not the autoconf### ones - they're broken) from the ports tree
before you begin:

Of course, perform all of these steps as root.

Go to a temp directory where you want to compile the program.

Get the latest source code from cvs:
cvs -z3 -d:pserver:anonymous@cvs.sourceforge.net:/cvsroot/gphoto checkout gphoto2
cvs -z3 -d:pserver:anonymous@cvs.sourceforge.net:/cvsroot/gphoto checkout libgphoto2

Setup the environment:
setenv PKG_CONFIG_PATH /usr/local/libdata/pkgconfig

Remove the Toshiba camera pdrm11 from the compile (I couldn't get it to work - it breaks compile):
sed -i .bak s/'SUBDIRS = pdrm11'/'SUBDIRS = '/g libgphoto2/camlibs/toshiba/Makefile.am

Build the confiure scripts for libgphoto2 (just press enter if it prompts you - do not perform the steps listed):
cd libgphoto2 && ./autogen.sh && cd ..

You need to remove "--no-verify" from the configure scripts:
sed -i .bak s='--no-verify'==g libgphoto2/configure
sed -i .bak s='--no-verify'==g libgphoto2/libgphoto2_port/configure

Configure, Build and Install libgphoto2:
cd libgphoto2 && ./configure && gmake install && cd ..

Move the pkg-config file for libgphoto2 into the correct folder:
mv -iv /usr/local/lib/pkgconfig/libgphoto2.pc /usr/local/libdata/pkgconfig

Build the configure scripts for gphoto2 (just press enter if it prompts you - do not perform the steps listed):
cd gphoto2 && ./autogen.sh && cd ..

Force $ac_cv_lib_gphoto2_gp_library_version evaluation to true:
sed -i .bak s#'if test $ac_cv_lib_gphoto2_gp_library_version = yes; then'#'if /usr/bin/true; then'# gphoto2/configure

Configure, Build, and Install gphoto2: 
cd gphoto2 && ./configure && gmake install && cd ..

You are done.
rehash