Building a single kernel module

Instructions for (re)building a single kernel module in FC4 are simple
and outlined in the Release Notes thusly.

********************************************
For example, to build the foo.ko module, create the following Makefile
in the directory containing the foo.c file:

obj-m := foo.o

KDIR  := /lib/modules/$(shell uname -r)/build
PWD   := $(shell pwd)

default:
    $(MAKE) -C $(KDIR) M=$(PWD) modules

Issue the make command to build the foo.ko module.
********************************************

I've done this in the past, but for some reason, today it doesn't
work.  I'm trying to rebuild the via-velocity kernel module.

[root@osprey net]# uname -r
2.6.14-1.1653_FC4
[root@osprey net]# pwd
/usr/src/redhat/BUILD/kernel-2.6.14/linux-2.6.14/drivers/net
[root@osprey net]# ls -l via-velocity.c
-rw-r--r--  2 root root 88213 Dec 20 08:09 via-velocity.c
[root@osprey net]# cat Makefile
obj-m := via-velocity.o

KDIR  := /lib/modules/$(shell uname -r)/build
PWD   := $(shell pwd)

default:
    $(MAKE) -C $(KDIR) M=$(PWD) modules
[root@osprey net]# make
make: Nothing to be done for `default'.

Surely I'm overlooking something trivial.  Any ideas what it is?

Thanks,
Jay