I don't know why, but the m4 parser complains about aclocal.m4 and lots of other stuff. Sorry I haven't got the time to investigate further...
This is almost certainly due to our new autoconf/automake. See "autoconf and KDE3 CVS" thread on gentoo-user. I'll mke sure it's the same problem later.
I've committed some changes to the eclasses yesterday that fixed the problem. Tell me if it persists.