Created attachment 3636 [details]
config.log file

If you look at the beginning of the config.log file, you can see my CFLAGS settings are there.

Created attachment 3637 [details]
Makefile created by configure

This is the ../sources/Makefile created by configure.  The CFLAGS settings that are listed at the beginning of the config.log file are not there.

The problem appears to be at line 11354 in configure:

if test "x$debug" = "xyes" ; then
        CFLAGS="${CFLAGS} -g"
else
        CFLAGS="-O"
fi

The old CFLAGS is not being saved in the second part of the if statement.  It should be:
               CFLAGS="${CFLAGS} -O"

Otherwise, if debug is not being set, all of the previous settings are being cleared except for the "-O" option.

Created attachment 3652 [details]
proposed patch

Can you try the attached patch?

Thanks,

Volker

Patch is upstream (already included in 3.3 series, will be included in 3.2.12).
Closing out bug report.

Thanks for reporting!