Mine

if gcc -DHAVE_CONFIG_H -I. -I. -I.   -DSYS_LINUX -I./include `top_builddir="." ./vlc-config --cflags vlc` -Wsign-compare -Wall  -pipe -MT vlc-vlc.o -MD -MP -MF ".deps/vlc-vlc.Tpo" -c -o vlc-vlc.o `test -f 'src/vlc.c' || echo './'`src/vlc.c; \
then mv -f ".deps/vlc-vlc.Tpo" ".deps/vlc-vlc.Po"; else rm -f ".deps/vlc-vlc.Tpo"; exit 1; fi
/bin/sh ./libtool --mode=link gcc -Wsign-compare -Wall -pipe -L/usr/local/lib -o vlc vlc-vlc.o src/libvlc.a ./modules/misc/memcpy/libmemcpymmx.a ./modules/video_chroma/libi420_rgb_mmx.a ./modules/video_chroma/libi422_yuy2_mmx.a ./modules/video_chroma/libi420_ymga_mmx.a ./modules/video_chroma/libi420_yuy2_mmx.a ./modules/misc/memcpy/libmemcpymmxext.a ./modules/misc/memcpy/libmemcpy3dn.a ./modules/mux/mpeg/libmux_ts.a ./modules/codec/ffmpeg/libffmpeg.a ./modules/stream_out/libstream_out_switcher.a -L/usr/local/lib -lrt -lpthread -ldl -lm -L/usr/local/lib -ldvbpsi -lavcodec -lpostproc -lm
mkdir .libs
gcc -Wsign-compare -Wall -pipe -o vlc vlc-vlc.o  -L/usr/local/lib src/libvlc.a ./modules/misc/memcpy/libmemcpymmx.a ./modules/video_chroma/libi420_rgb_mmx.a ./modules/video_chroma/libi422_yuy2_mmx.a ./modules/video_chroma/libi420_ymga_mmx.a ./modules/video_chroma/libi420_yuy2_mmx.a ./modules/misc/memcpy/libmemcpymmxext.a ./modules/misc/memcpy/libmemcpy3dn.a ./modules/mux/mpeg/libmux_ts.a ./modules/codec/ffmpeg/libffmpeg.a ./modules/stream_out/libstream_out_switcher.a -lrt -lpthread -ldl /usr/lib/libdvbpsi.so -lavcodec -lpostproc -lm
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x5f): In function `OpenDemux__ffmpeg':
: undefined reference to `av_register_all'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x6b): In function `OpenDemux__ffmpeg':
: undefined reference to `av_probe_input_format'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x311): In function `OpenDemux__ffmpeg':
: undefined reference to `init_put_byte'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x33b): In function `OpenDemux__ffmpeg':
: undefined reference to `av_open_input_stream'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x34e): In function `OpenDemux__ffmpeg':
: undefined reference to `av_find_stream_info'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x854): In function `CloseDemux__ffmpeg':
: undefined reference to `av_close_input_file'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0x89e): In function `Demux':
: undefined reference to `av_read_frame'
./modules/codec/ffmpeg/libffmpeg.a(libffmpeg_a-demux.o)(.text+0xe6a): In function `Control':
: undefined reference to `av_seek_frame'
collect2: ld returned 1 exit status
make[2]: *** [vlc] Error 1
make[2]: Leaving directory `/root/puffer/vlc-0.8.5'
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory `/root/puffer/vlc-0.8.5'
make: *** [all] Error 2