Guess What!! I was going through the bundled "Documentation" along with the SGS i9000 code and I found this!!
S3C24XX USB Host support
This document details the S3C2410/S3C2440 in-built OHCI USB host support.
Enable at least the following kernel options:
Device Drivers --->
USB support --->
<*> Support for Host-side USB
<*> OHCI HCD support
Once these options are configured, the standard set of USB device
drivers can be configured and used.
That is very encouraging. But I haven't done any kernel compiling (hell, I haven't even done any Android coding, this being my first Android phone!!). So its gonna a be a while before I can put this to a good use.
Now, I am not sure if this is just "Host" or if it would support "OTG" also. I found the documentation on S5PC110 [Dev Sheet] a bit confusing also. It does show that the microprocessor has both HOST and OTG capabilities, but I am not sure to what the USB port has been wired to.
May be somebody can put this to a good use.