Holmake with .PHONY targets doesn't recurse into INCLUDES directories

[mn200]

Thus a commandline like Holmake all won't cause Holmake to be called recursively in directories specified in a

INCLUDES = dir1 dir2

line in a Holmakefile

[mn200]

Strictly speaking, the target line has to be all targets identified as .PHONY (which is the right way to annotate a target like all). This seems to have been a considered decision (in f818937), but I'm not sure I like it.
Certainly, the behaviour wrt "clean targets" (clean, cleanAll and cleanDeps) is right; you don't want to recurse with those guys by default (hence the -r option). But you do with something like all...