OK - I finally got VLC 1.2 to build using msys! I am able to import in vlc.exe and libvlccore.dll into Eclipse in windows and debug. Only remaining issue (knock on wood) is that when I load up libVlc.dll I cannot access its internals. See pictures below.... First shows LibVLCCore.dll which I can see components of to allow me to debug, and the second picture shows when I try to bring up the internals of libvlc.dll which fails...
So close!