Okay, I've read up on this particular condition, but I can't seem to 
make it go away.  I've removed all .depend files, and even removed all 
my obj dirs and started from scratch.

My failure is as follows:
[...]
(cd /usr/src/lib/csu && 
/usr/src/tools/obj/tools.NetBSD-1.5X-sparc/bin/nbmake  dependall)
dependall ===> sparc_elf
/usr/src/tools/obj/tools.NetBSD-1.5X-sparc/bin/sparc--netbsdelf-gcc -O2 
-fPIC -Wall -Wstrict-prototypes -Wmissing-prototypes -Wpointer-arith 
-Wno-uninitialized -Wreturn-type -Wpointer-arith -Wswitch -Wshadow 1 
-I- -I/usr/src/lib/csu/sparc_elf -DLIBC_SCCS -DPIC -DDYNAMIC 
-DELFSIZE=32 -I/usr/src/lib/csu/sparc_elf/../../../libexec/ld.elf_so 
-I/usr/src/lib/csu/sparc_elf/../common_elf 
-I/usr/src/lib/csu/sparc_elf/../../libc/dlfcn -DDWARF2_EH -nostdinc 
-isystem /usr/include  -c -DCRT0 /usr/src/lib/csu/sparc_elf/crt0.c -o crt0.o
sparc--netbsdelf-gcc: cannot specify -o with -c or -S and multiple 
compilations
*** Error code 1

There seems to be a spurious '1' argument in there for some reason, but 
with the twisty maze of Makefiles I can't seem to find it.

--Dave