I built several simple examples that used Qt 4.7 features and ran on my N8 phone. What was more interesting to me was downloading some QML programs to the phone and running them using the qmlviewer included in the zip file above that contains the device libraries. 

Here are the steps I used to get Qt 4.7.0 on Symbian working with the abbreviated SDK that comes with the Nokia Qt SDK version 1.0.1:

1) Download the Qt 4.7.0 for Symbian 3 SDK and device libraries from the Qt and Forum Nokia Sites:

Qt 4.7 Open Source for Symbian S60

Symbian Qt 4.7 SIS files 

2) Download and install the NokiaQtSDK version 1.0.1 from the forum nokia site:

Nokia Qt SDK Version 1.0.1

3) Once it is installed copy the directories c:\nokiaqtsdk\symbian\SDK\epoc32 and c:\nokiaqtsdk\symbian\SDK\perl to another SDK directory. I installed mine in c:\Qt\4.7.0\Symbian\SDK.

4) run the qt-symbian-opensource-4.7.0-s60.exe installer and select the option to install into other sdks. You will be given a list of empty install locations. Enter your SDK directory into the first one. This will overwrite Qt in that SDK\epoc32 directory (e.g. enter c:\Qt\4.7.0\Symbian\SDK) and install Qt into C:\Qt\4.7.0.

5) run creator and under the tools menu, select options and navigate to the qt tab on the left. Add a new version of Qt to creator. The qmake file will be in c:\Qt\4.7.0\bin\qmake.exe.

6) Fill in the remaining fields (leave the carbide field blank). The SDK field should be c:\Qt\4.7.0\Symbian\SDK and the CSM/gcce field should be c:\nokiaqtsdk\symbian\SDK\gcce (there is no reason to copy the gcce directory.)

7) unzip the Qt_4_7_for_Symbian_3_Developer_Version_v1_0_en.zip file. Inside are two more zip files. Unzip the Qt 4.7 for symbian^3.zip file and install all the sis files to your phone. If you have OVI suite installed, you can do this by double clicking on each sis file and then following the install directions.

Now you have a complete setup. If you installed the qmlviewer.sis you can download QML applications to your phone and run them. To download the qml files, exit from OVI suite and use your phone as a mass storage device.