Since you're calling "make" with its full path, are you sure that the cc1.exe being called is the right one? I mean, did you change your %PATH% env. variable to point to the new tools' binaries?
I cannot reproduce this here on Windows 7 (x64) at least, using the 32-bit version of the new tools...
A mind is like a parachute. It doesn't work unless it's open. [Frank Zappa]