+* Elisp byte-compilation:
+
+ - The byte compilation of '.el' files into '.elc' files is now done
+ with a suffix rule. This has simplified the compilation process, and
+ more importantly made it less brittle. The downside is that emacs is
+ now invoked once for each '.el' files, which cause some noticeable
+ slowdowns. These should however be mitigated on multicore machines
+ (which are becoming the norm today) if concurrent make ("make -j")
+ is used.
+
+ - Elisp files placed in a subdirectory are now byte-compiled to '.elc'
+ files in the same subdirectory; for example, byte-compiling of file
+ 'sub/foo.el' file will result in 'sub/foo.elc' rather than in
+ 'foo.elc'. This behaviour is backward-incompatible with older
+ Automake versions, but it is more natural and more sane. See also
+ automake bug#7441.
+
+ - The Emacs invocation performing byte-compilation of '.el' files honors
+ the $(AM_ELCFLAGS) and $(ELCFLAGS) variables; as typical, the former
+ one is developer-reserved and the latter one user-reserved.
+
+ - The 'elisp-comp' script, once provided by Automake, has been rendered
+ obsoleted by the just-described changes, and thus removed.
+