PATH=/usr/local/bin:/sbin:/bin:/usr/sbin:/usr/bin:/usr/games:/usr/local/sbin:/usr/X11R6/bin:.
/home/bfriesen/src/graphics/GraphicsMagick-head/configure 'CFLAGS=-g -O' 'CXXFLAGS=-g -O' '--enable-libtool-verbose' '--with-quantum-depth=16' --enable-shared '--with-modules' --without-perl

Libtool 2.2.2:
gmake -j 2  383.14s user 112.49s system 184% cpu 4:28.39 total
gmake -j 2  387.55s user 112.91s system 184% cpu 4:31.33 total
gmake -j 2  381.21s user 113.93s system 184% cpu 4:27.80 total
gmake -j 2  383.57s user 110.94s system 184% cpu 4:28.25 total

ltmain.sh (GNU libtool 1.2634 2008/04/11 17:21:54) 2.2.3a
gmake -j 2  373.45s user 104.48s system 183% cpu 4:19.99 total
gmake -j 2  366.93s user 106.25s system 182% cpu 4:19.03 total
gmake -j 2  375.07s user 104.58s system 183% cpu 4:21.72 total
gmake -j 2  373.90s user 104.60s system 183% cpu 4:20.25 total

Using CONFIG_SHELL=/bin/sh
gmake -j 2  345.53s user 82.93s system 180% cpu 3:56.79 total
gmake -j 2  356.35s user 84.13s system 179% cpu 4:05.26 total

Using CONFIG_SHELL=/usr/local/bin/ksh93
gmake -j 2  350.80s user 88.18s system 178% cpu 4:05.52 total
gmake -j 2  349.59s user 87.31s system 179% cpu 4:03.20 total

ltmain.sh (GNU libtool 1.2960 2008-04-19) 2.2.3a
gmake -j 2  381.18s user 102.72s system 184% cpu 4:22.74 total
gmake -j 2  381.66s user 103.63s system 182% cpu 4:25.81 total
gmake -j 2  383.43s user 104.83s system 182% cpu 4:27.74 total
gmake -j 2  384.38s user 104.25s system 182% cpu 4:27.78 total