automake vs. GNU make

I'd expect MacOS X support for modules to have been OK since

2003-03-20  Peter O'Gorman  <peter@pogma.com>

        * ltmain.in: Always use $echo not echo for consistency.
        Changes for darwin building. Warn if linking against libs linked
        with -module. Use module_cmds if available and building a module,
        move convenience double lib check,

What else is wrong?

And, yes, your point 2 is hard for libltdl to overcome: if you build the 
library as a lib, not a module, you'd have been stuck whatever libtool 
did.