Actually scratch what I last said, just got it to work. Here's exactly what I did::
1. Tried to uninstall Qt creator 2.4.0 (Qt 4.7.4 32-bit)
2. Got to about 50% mark with uninstallation then chickened out and hit 'Cancel' (twice). At this stage MADDE was removed from system, but not Qt.
3. Went to Update SDK --> Developent Tools --> Maemo Toolchain --> Qt 4.7.0-1
4. Clicked OK ---> watched Madde install Fremantle target
5. Fired up Qt Creator, Tools --> Options -->Linux devices --> Add.. ---> Device made with MADDE support ---> Fill in details, and generate password from Mad Deveoper (on phone).
6. Celebrate!

NB: Steps 1+2 may not be required.