Making all in plugins
	/bin/sh ../libtool --tag=CC --mode=link gcc  -v -pipe -fPIC -O0 -mcpu=7450 -mtune=7450 -fno-common -Wall -Wpointer-arith -Wstrict-prototypes -Wmissing-prototypes -Wmissing-declarations -Wnested-externs -D_FORTIFY_SOURCE=2  -dead_strip -bind_at_load -L/sw/lib/freetype219/lib -L/sw/lib/fontconfig2/lib -L/sw/lib/ncurses -L/sw/lib -L/usr/local/lib -o libglib.la -rpath /usr/X11R7.1/lib/compiz -module -avoid-version -no-undefined glib.lo -L/sw/lib -lglib-2.0 -lintl -liconv   
	gcc  -o .libs/libglib.so -bundle  .libs/glib.o  -L/sw/lib/freetype219/lib -L/sw/lib/fontconfig2/lib -L/sw/lib/ncurses -L/sw/lib -L/usr/local/lib /sw/lib/libglib-2.0.dylib /sw/lib/libintl.dylib /sw/lib/libiconv.dylib -mcpu=7450 -mtune=7450
	/usr/bin/ld: warning -prebind has no effect with -bundle
	/usr/bin/ld: Undefined symbols:
	_XInternAtom
	_allocateDisplayPrivateIndex
	_checkPluginABI
	_compAddMetadataFromFile
	_compAddTimeout
	_compAddWatchFd
	_compFiniMetadata
	_compInitPluginMetadataFromInfo
	_compRemoveTimeout
	_compRemoveWatchFd
	_compWatchFdEvents
	_freeDisplayPrivateIndex
	collect2: ld returned 1 exit status
	make[2]: *** [libglib.la] Error 1
	make[1]: *** [all-recursive] Error 1
	make: *** [all] Error 2

The library to be created should have the extension dylib instead of so, and libtool should not use -bundle – this switch is better used for a real Mac OS X application bundle. I think all Mac OS X support is missing here ...