If OLDEST_KERNEL is set to a value newer than the kernel being built, unless the kernel has been appropriately patched you may end up with a glibc that doesn't work on the kernel being built. We should probably check OLDEST_KERNEL against the kernel being built and at least show a warning if it's older.
I've ended up implementing this so I might as well take it back.
Implementation merged to master: http://git.yoctoproject.org/cgit/cgit.cgi/poky/commit/?id=55159ef0567c9c5f47609a18cff8866a17e53173