Is there is no newline at the end of local.conf, the append which adds INHERIT = "uninative" won't work, it will corrupt the line and the installed eSDK will build things, making the "Preparing build system..." step take an age. Obviously files should really have newlines at the end but I did hit this...
Fix merged to master: http://git.yoctoproject.org/cgit/cgit.cgi/poky/commit/?id=91877aa60e82456a0dfba3c471ef6af8ce9cc278
Not reproducible on master: 60100884d4d6a20aaf499d7afcf7fc91faabd22e