The intention behind this review request is to make it easier to turn baloo into a framework and make it coinstallable with its KDE4 counterpart in a second review request.
That being said I'm not exactly sure this is the way you guys want to go, but I'd be willing to update my review request accordingly if you have other plans to make it coinstallable.
Testing
cmake -DBALOO_LIBRARIES_ONLY:BOOL=TRUE ..
make
make install
I've also built the frameworks branch of milou against it (needed a few modifications).