As I wanted to access my Eclipse workspace (synced over Dropbox) from both Ubuntu and OS X, I had to make some additional configuration in order for Texlipse to work. I will explain this procedure in short.
LaTeX executables that come with BasicTeX or MacTeX bundles (links and descriptions) in OS X are installed in a weird path, but this folder is symlinked to /usr/texbin. In Linux they are of course in /usr/bin. The easiest way to overcome this is to make a similar symlink in Linux:
$ sudo ln -s /usr/bin /usr/texbin
and after you’re done simply set /usr/texbin as the bin directory of the TeX distribution in Texlipse preferences – Builder Settings, as is described here.
Half way there, just need to set the previewer…