Some quick comments.  I'm in a hurry.  And before I forget:
thanks for working on this.

* LIBOBJDIR seems worthy to document from the Autoconf user perspective.
  Non-automake might also benefit from this; and we should avoid using
  undocumented interfaces in Automake.
* The Automake manual should be updated at least in two places: 
    - the place where it documents all the macros that can
      affect its behavior (your patch causes
      AC_CONFIG_LIBOBJ_DIR to have a stronger semantic when used
      with Automake than when used with only Autoconf).
    - the section about how LIBOBJS is used.
* The comment in _AC_LIBOBJS_NORMALIZE seems misleading to me,
  because LIBOBJDIR is unrelated to the macro
  AC_CONFIG_LIBOBJ_DIR as far as Autoconf is concerned.
  AC_CONFIG_LIBOBJ_DIR specifies where the *sources* files are.
  LIBOBJDIR is a prefix variable the user can use to relocate
  the *object* files.  This is not necessary the same place.
* Autoconf needs to be adjusted to reflect the fact that
  Automake scans a new macro. See the comment above the %traced
  variable you modified in scan_autoconf_trace.
* Better write ${LIBOBJDIR} instead of $(LIBOBJDIR) in @LIBOBJS@
  (for the same reason we use ${prefix}, etc.)
* Use $PERL, not perl.
* AFAICT your patch assumes that users use option `subdir-objects' when 
  using @LIBOBJS@ remotely. I think we should also support the other case.

I suggest you don't bother with the last point unless it looks
easy to you.  I'll probably find some time this week-end or next
week.
-- 
Alexandre Duret-Lutz



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