is wrong: it should be space delimited instead of comma - although I have tried putting multiple flags in quotes and still no joy (e.g. "GUI MT PRO OCOE") - quotes would be needed as space is used to delimit commandline arguments and the flags are one argument.
I still can't work out where the command line is actually processed.
In any case, it is easy to see that the flags have absolutely zero effect on the build by trying the commandline you see on that page. The flag MT does not make it into the build and a file called GUI is created in the upp directory. Obviously the '>' is not meant to be there. However, even if we miss out the '>' it is easy to see that the flags have no effect.
I am using Windows 7 64 bit. I am trying this with MSC9 and MSC9x64. MinGW32 is an invalid build method on my machine.