See also http://gittup.org/tup/tup_vs_mordor.html which compares tup to "the All-Seeing Eye of Mordor". Not an actual build system, alas, but a hypothetical perfect one that Just Knows what files need rebuilding and rebuilds them with no overhead.
It turns out (not terribly surprisingly, given how it works) that tup's overhead is very small.
It turns out (not terribly surprisingly, given how it works) that tup's overhead is very small.