I've done a bit more testing.

The slowdown happens if I only modify 1 Makefile.am, and it seems to be
related to using SUBDIRS inside an AM_CONDITIONAL.

If I change the Makefile.am to use a non-SUBDIRS variable inside the
conditional autmake zips right along.

In fact, if I specify an as-yet non-existent directory to SUBDIRS I get a
warning message out of automake.

This surprised me - I thought I read that automake did not pay attention to
SUBDIRS and got its information from configure.{ac,in}.

Any ideas (while I go back to digging)?

H

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