make >& >(while read f; do echo -n .; done; echo)
Obviously, this is a shell solution, but a point as an indicator of progress is a point.
You could, of course, insert a tee there to save a copy of the make file in case of problems.
Since you did not like (not approved or accepted) the shell decision for some inexplicable reason, here is a pure perl one:
if (open(X,"make|")) { local($|)=1; while(<X>) { print "."; } close(X); print "\n";}
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