Makefile targets really aren't doing what is expected.
There should be one way to compile a file "pristinely" (as intended by the author of the makefile, with all relevant options), and one way to just invoke compile-latex with no options. And the second one should be the default, not the first (currently, it is the first).
No good name appears evident. all will be for the second one. Maybe pristine or intended is what one wants.
The names of the targets for make depends is also not very good. I doubt the usefulness of depends and I think only depends-as-is in interesting.
This will require a bump of the version number since there will be incompatibilities introduced in the generated makefiles.