This issue crept in the FC4 2.6.16-1.2069_FC4 update too.
+++ This bug was initially created as a clone of Bug #178491 +++
Recent FC5test2+ kernel-devel packages are missing the top-level .kernelrelease
file. The top-level Makefile appears to use it nowadays for defining KERNELRELEASE.
The effect of KERNELRELEASE being empty is that the documented kbuild Makefile
method (see Documentation/kbuild/modules.txt, section 4) no longer works as
expected; in the following, the "kbuild part" is never entered when invoking
"make -C $kernelsrcdir M=`pwd`" like also instructed in kbuild/modules.txt.
# kbuild part of makefile
# Normal Makefile
-- Additional comment from email@example.com on 2006-01-24 00:18 EST --
fixed in cvs yesterday, will be in next update
The most obvious temporary workaround:
Whoops, replace the '-i586' with your arch, sorry