Indeed it should basically work out of the box if you make some swap space available (let's say 1 gbyte). At least it used to do, possibly with a few trivial fixes (and I surely opened tickets on trac for them, also see http://trac.sagemath.org/wiki/ExoticPorts#RaspberryPirunningRaspbianarmv6withhardfloats). And indeed, you'll need to be patient.
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