Matt Brubeck recently landed an awesome patch for mach in bug 840588: it allows mach to be used by any directory. I'm calling it omnipresent mach.
Essentially, Matt changed the mach driver (the script in the root directory of mozilla-central) so instead of having it look in hard-coded relative paths for all its code, it walks up the directory tree and looks for signs of the source tree or the object directory.
What this all means is that if you have the mach script installed in your $PATH and you just type mach in your shell from within any source directory or object directory, mach should just work. So, no more typing ./mach: just copy mach to ~/bin, /usr/local/bin or some other directory on your $PATH and you should just be able to type mach.
Unfortunately, there are bound to be bugs here. Since mach traditionally was only executed with the current working directory as the top source directory, some commands are not prepared to handle a variable current working directory. Some commands will likely get confused when it comes resolving relative paths, etc. If you find an issue, please report it! A temporary workaround is to just invoke mach from the top source directory like you've always been doing.
If you enjoy the feature, thank Matt: this was completely his idea and he saw it through from conception to implementation.