>    {107} etcupdate -al -s 
/build/release-2008-09-04_20:04:46/amd64/binary/sets/etc.tgz
>    *** Cannot understand -s 
/build/release-2008-09-04_20:04:46/amd64/binary/sets/etc.tgz
I don't think this counts as a bug, since it's documented in the man page:
 -s tgzfile     The location of one or more set files (or ``tgz
   files'') from a binary distribution of NetBSD.  Each set file
   is a compressed archive containing reference files.  More than
   one set file may be specified, either by using a single -s option
   with a colon-separated list of tgzfile names, or by using multiple
   -s options; this is likely to be useful to specify the locations
   of both the etc.tgz and xetc.tgz set files.  Note that file
   names may not contain embedded colon (`:') characters, because
   that would conflict with the use of the colon character to
   delimit multiple file names with a single argument.