It appears that sometime in the last month or two, changes have made it so that shrext is evaluated *before* the command-line arguments are parsed, and thus shrext is always .dylib because $module is set to no.
I've not yet tracked down where this happened, but this is likely going to cause issues on darwin.
The output of using "sh -x libtool" for building an arts -module is here, if you need to see a trace:
http://ranger.befunk.com/debug/libtool.log
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