[!] - This tutorial is for x86 32bit only.
This post is meant to create "step-by-step" HOW TO on compiling ardour 2+ with VST effects support. It was pretty much time-waister to follow all the dependencies, so nothing new here except the needed packages really - consider it as an plain time-saver.
[!] For Jaunty (or ardour 2.8+):
and continue from step 
sudo apt-get built-dep ardour
[!] For Hardy:
[!] - Ardour was released under GNU GENERAL PUBLIC LICENSE Version 2, vst sdk 2.3 are NOT - So here is a note from ardour developers regarding VST support:
You may not distribute binaries of Ardour with VST support. Doing so
is a violation of the license agreement for the Steinberg VST SDK. If
you are found to be distributing such binaries, you risk both
prosecution by Steinberg and public humiliation by me.
This is not my choice, and as soon as Steinberg change their
licensing, which they have indicated they will do, this policy (and
file) will be removed.
 - Download the latest ardour-<VERSION>.tar.bz2 source from [here] to yor desktop and extract it.
 - Download 'vst_sdk2_3.zip' (must be version 2.3) from www.steinberg.net or here (use the search function if the link is leading nowhere as Steinbergs are changing the location of this archive all the time) to your desktop and copy it 'as is' (without extracting) into 'ardour*/libs/fst/<HERE>':
tar -xjvf ~/Desktop/ardour*.tar.bz2 -C ~/Desktop
 - Install dependencies:
cp ~/Desktop/vst_sdk2_3.zip ~/Desktop/ardour*/libs/fst/
[!] NOTE - If your ardour is 2.5 - You also need this as dependencies (thanks to angelsguitar for pointing this out):
sudo apt-get install build-essential scons libtool pkg-config gettext libjack-dev libasound2-dev qjackctl libxml2-dev libsamplerate-dev libraptor-dev liblrdf-dev libgnomecanvas2-dev libboost-dev liblo-dev libglib-dev libgtkmm-dev libsndfile-dev wine wine-dev automake libfftw3-3 libfftw3-dev -y
 - Get into ardour's source directory:
sudo apt-get install aubio-tools libaubio-dev libaubio-doc libaubio2 pd-aubio python-aubio
 - Configurations/makefile:
add 'VST=1' - to enable VST support.
add 'FREESOUND=1' - to enable the use of Freesound database lookup.
add 'LV2=1' - to enable support of LV2 if slv2 is available. Here is a bit about installation of all 'slv' related (tanks to motin)
add 'OLDFONTS=1' - to compile with fonts as of ardour v.1 (fonts in v.2 sometimes get bigger than is has to be).
I desided to compile mine with VST and FREESOUND.
It takes about 5-10 minutes - make yourself a cup of coffee. If you have slow machine, it could get to 20 minutes very easy.
scons VST=1 FREESOUND=1
[5.1] - Build:
It takes about 5-10 minutes too - drink that cup of coffee while it's still hot.
 - The default VST folders locations are '/usr/local/lib/vst' and '/usr/lib/vst' (not exist - have to be created). You might want to create system link to one of those directories from your home '~/VST':
Create directory at '/usr/lib/vst':
Create directory at '~/vst':
sudo mkdir /usr/lib/vst
Create system link to '/usr/lib/vst' so you could add VST without being root.
(You can set the path for VST plug-ins in '~/.bashrc' but I choose to not mess with variables.)
sudo ln -s ~/vst /usr/lib/vst
Now you can put your VST in '~/vst'.
 - To launch ardour use <ALT+F2> and type:
create desktop icon/Launcher on your desktop:
and add the lines bellow:
That is it, I hope I did not forget/messed up anything. This is my first tutorial