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The spitfire farm is a farming machine in Locke's Lab that converts bonemeal into wheat, far faster than even the largest farm. User interaction is required. Don't worry, ManaLocke supplies the bonemeal.
ManaLocke got the idea from discussions online, but designed and implemented the concept himself.
Update: The Spitfire farm has been recently updated. The new version will work until the Redstone Update comes out.
Ensure the bonemeal dispenser is stocked (if it isn't, contact ManaLocke). Ensure you have neither seed nor bonemeal in your inventory. Clear one active slot. Then, press the “prime” button in the upper-left of the machine–in the process, this should give you one seed.
Stand on the Jack-o-Lantern before the pit. Aim the seed at the plowed farmland in the bottom of the pit. Then right-click and hold.
When you're ready to collect the wheat, climb the provided ladder down into the pit. Always leave the farm as you found it.
The placement of the seed in your inventory is key. The technology exploits the fact that when you plant the seed, the selected tool spot becomes empty.
When you place the seed, a Block Update Detector detects the change, and spits out a single piece of bonemeal. This is immediately used on the planted seed, growing it instantaneously. The update detector detects the growth, shifts and replaces the ground (so the wheat pops out), and puts another seed in your hands. Repeat ad panem.
Once in Locke's Lab…
Go up the stairs and follow the signs out towards the surface. As soon as you reach the top of the ladder, go left around the stairs and turn right. Go down the stairs there to the auto-farm, and turn completely around. The spitfire farm is beneath the most recent set of stairs.
The above image was taken at location -242.5, 46, 187.5, facing 1 (West)