True, they're not exactly equivalent. When LOGFILE=filename is used, the value provided is assigned to the macro value. When /logfile is used, it does convert relative paths (via the
GetFullPathName API) as it also does for other file/path parameters (.bld filename, /configpath, etc.). It's probably best to specify an absolute path to remove any ambiguity (i.e., %PROJDIR% for the path of the .bld file, %~dp0 to use the calling command script's path, a hard-coded path, etc.).