When building with OPENJDK=true on Windows XP using the Visual Studio 2008 compiler the sanity check fails claiming "ERROR: FreeType version 2.3.0 or higher is required."
Upon investigation it was determined that build/windows-i586/btbins/freetype_versioncheck.exe built OK.
Running freetype_versioncheck.exe in a Cygwin window gives no output and exit status = 53
Running the same executable in a "Visual Studio 2008 Command Prompt" window generates a pop-up. Here is an ascii replica:
freetype_versioncheck.exe - Unable To Locate Component
This application has failed to start because FreeType-2.1.10-MSVC-8b2.dll was not found. Re-installing the application may fix this problem.
[ OK ]