After a 'make sanity' run, freetypecheck.obj appeared in the makefile directory:

$ pwd
/cygdrive/g/tbell/jdk7/jdk/make/tools/freetypecheck
$ ls -ltr
total 12
-rwxr-xr-x 1 Administrator None 2160 Feb 21 14:15 freetypecheck.c
-rwxr-xr-x 1 Administrator None 2483 Feb 21 14:15 Makefile
-rwxr-xr-x 1 Administrator None 1626 Mar 6 14:43 freetypecheck.obj

Refer to attached file 'sanity.log' for all the output.

I am using VS2005 on this system instead of VS2003, but I don't think that is relevant.