It was painful to get libsvm on matlab working in Mac OS X. First was a false error.
Matlab threw some weird error like this:
expr: syntax error
/p/matlab/bin/util/mex/mexutil.sh: line 13: [: too many arguments
and make did not work. SO I guessed that this was the error (which actually was not). On searching the net, I figured out that we should ignore this error and keep going.
The second was the issue with libsvm. The file make.m was referring .obj files while the makefile was generating .o files. So all .obj was to be search and replaced with .o. Things started working after that.
Hope this helps others who are struggling with libsvm and matlab in OS X.