It seems that automake 1.11 made it into unstable and, besides other features, that means silent rules like linux does since quite some time. For the impatient, in configure.ac:
AM_INIT_AUTOMAKE
m4_ifdef([[AM_SILENT_RULES([yes](AM_SILENT_RULES],))])
Then after a round of automake/configure the make invocation will be like
make[3]: Entering directory `foo'
CXX source1.lo
CXX source2.lo
CCLD lib1.la
[...]
Credit note: the autotools mythbuster guide