I'm looking at getting the MinGW/MSYS port working w/o Cygwin.

I understand that command line length is problematic under Windows,
among other things. I was thinking of implementing (if not present yet) 
argument files for MinGW, along with requisite build system changes
in Ocaml itself, such that native builds under Windows could be done
without Cygwin. I'd also try and get the patches accepted into MinGW
/ MSYS.

Are there any other issues which prevent the MSYS-based build from
working? Does anyone have a "to-do" list for that, that I could start working 
on?

For me, Cygwin is a big showstopper, and I'd really want to move my Lisp code 
base to Ocaml, but it has to build on Windows without kludges. Yeah, I know,
GCL (which I use) is a big kludge in itself ;)

Cheers, Kuba