squeak-vm 4.10.2.2614-2 is not built with $RPM_OPT_FLAGS. Additionally, it builds using "quiet" rules making build logs less useful than they could be. Looks like it's using cmake through some odd configure script; I suggest looking into whether the %cmake (or %configure) macro could be used instead and if that'd fix it easily.
Thanks for spotting this.
squeak-vm-4.10.2.2614-3.fc18 has been submitted as an update for Fedora 18. https://admin.fedoraproject.org/updates/squeak-vm-4.10.2.2614-3.fc18
squeak-vm-4.10.2.2614-3.fc18 has been pushed to the Fedora 18 stable repository. If problems still persist, please make note of it in this bug report.