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AFAICT, changing LDSHARED will affect building extensions
too. So, I am very hesitant to change its definition without
fully understanding the ramifications. Note that Cygwin
Python extensions have been working for almost three
years now. Additionally, I WAG that there are many more
people building extensions than embedding.

> LDSHARED="gcc -shared -Wl,--enable-auto-image-base
> -Wl,--export-all-symbols -Wl,--enable-auto-import";;

I can understand why adding "-Wl,--export-all-symbols"
fixes the above link errors. However, I don't understand
why "-Wl,--enable-auto-import" would help. IIRC, it
defaults to enabled anyway. Does vim with an 
embeded python interpreter build without this option?

Can you provide me a small embedded example so I
can do some testing? Using vim seems a bit unwieldy.

> As a side note, please notice that this problem, proper 
> user of GNU ld flags under win32, has a direct impact on 
> the possible success of a true Mingw32 port (which I 
> expect eagerly).

Huh? How is this related to the report Cygwin problem?