Note that this simplified method is not appropriate for creating modules that you want to distribute, and doesn't provide most (any?) of the functionality baked into the standard module makefiles.
You can use it if you feel like it, it supports running configure etc.
There is a very big problem with using the 'non-simplified' method, though:
It does not work if pike is insalled using a binary package, unless that package was compiled in an identical environment to yours (including the location of and version of libgcc etc).
The reason is that it uses the configure test results that were gotten when running the pike configure. Those are rather likely to be wrong unless you installed pike from source.