UPDATE (10th Jan 2013): See here for Wine 1.5.21 using the multiarch approach: http://verahill.blogspot.com.au/2013/01/308-compiling-wine-1521-on-debian.html
The big difference here is that it seems to compile ok with libjpeg.
And here are the release notes
Install the pre-requisites
(haven't checked this list for a while -- there may be a few too many packages)
sudo apt-get install ia32-libs ia32-libs-dev bison flex gcc libc6-dev libfontconfig-dev libfreetype6-dev libglu-dev libgsm1-dev libice-dev libjpeg-dev libldap-dev libmpg123-dev libncurses5-dev libopenal-dev libpng-dev libsm-dev libssl-dev libusb-dev libx11-dev libxcomposite-dev libxcursor-dev libxext-dev libxi-dev libxinerama-dev libxml2-dev libxrandr-dev libxrender-dev libxslt-dev libxt-dev libxxf86vm-dev make libcapi20-dev liblcms-dev libsane-dev libhal-dev libdbus-1-dev valgrind prelink libcups2-dev opencl-dev lib32opencl1 oss4-dev gettext lib32v4l-dev lib32ncurses5-dev lib32asound2-dev libtiff4-dev libgphoto2-2-dev
Get new source:
cd ~/tmp wget http://sourceforge.net/projects/wine/files/Source/wine-1.5.15.tar.bz2 tar xvf wine-1.5.15.tar.bz2 cd wine-1.5.15/
configure: WARNING: libjpeg 32-bit development files not found, JPEG won't be supported.
edit /usr/include/jpeglib.h and delete
24 #ifndef JCONFIG_INCLUDED /* in case jinclude.h already did */ 25 #include "jconfig.h" /* widely used configuration options */ 26 #endif
configure: libOSMesa 32-bit development files not found (or too old), OpenGL rendering in bitmaps won't be supported. configure: OpenCL 32-bit development files not found, OpenCL won't be supported. configure: gstreamer-0.10 base plugins 32-bit development files not found, gstreamer support disabled configure: libgsm 32-bit development files not found, gsm 06.10 codec won't be supported. configure: Finished. Do 'make' to compile Wine.
Neither of these issues are fatal -- depending on what you use wine for.
Time to install:
sudo checkinstall --install=no
sudo dpkg -i wine-1.5.15-1_amd64.deb
And you're done!