Just to let everyone know again: current Makefile.am of CVS HEAD does NOT ensure that the libtool script is rebuilt if you change ltmain.m4sh and run `make'. The 2007-03-26 change broke this, and any testing of patches to ltmain.m4sh will be affected.
I've posted a partial workaround here: <http://lists.gnu.org/archive/html/libtool-patches/2007-04/msg00032.html> which isn't portable enough though. Cheers, Ralf