On Fri, Oct 2, 2015 at 5:15 PM, Eli Zaretskii <eliz@gnu.org> wrote:

> Actually, something here looks very wrong to me.  From the fact that
> all the Lisp files are loaded in source form I conclude that they have
> not yet been compiled.  But in that case, the command that should run
> is not what you show, it should be this:
>
>   ./temacs --batch --load loadup bootstrap

The good news is that I'm an idiot.

From the instructions in nt/INSTALL

  3. After the configure script finishes, it should display the
     resulting configuration.  After that, type

       make

     Use "make -j N" if your MSYS Make supports parallel execution;
     the build will take significantly less time in that case.  Here N
     is the number of simultaneous parallel jobs; use the number of
     the cores on your system.

and some vague memories of past discussions, I thought that the Makefile would detect whether a bootstrap was needed, so I've been doing just "make" and not "make bootstrap". Consider me appropriately egg-faced. Sorry for wasting your time. I'm much more rusty than I thought. OTOH, we now know that bug#16047 is likely caused by forgetting do to "make bootstrap".

The (relatively) bad news is that I'm now chasing another problem, related to mixing POSIX and Windows-style paths. Perhaps related to the /bin vs. /mingw/bin ordering you just mentioned.