alsa-tools needs alsa-drivers in order to compile but it does not depend on it. I was emerging all the alsa packages in random order and alsa-tools ended up before alsa-drivers causing the entire emerge to fail.
Commit for 0.9.4. Should be carried forward. Not doing for old versions as most people are following the instructions and not hitting this. Thanks.
This is actually not universally correct, since the people with the 2.5 kernels do not need to (and, in fact, can't) install alsa-driver. I'm going to update the dependency to require virtual/alsa instead.