Right I saw that before and was confused by it. The reason is becasue in my makefile that came with the package was this:
# uncomment next line to include the debugger
# DEBUG = 1
In other words it was already commented out. Yet I still got a debug version. It is a huge 40 meg mamed.exe
I even uncommented it and set it to 0. I just did a make clean and now another make.
Looks like it is doing another mamed.exe build though.

*** EDIT ****
I am guessing that flag is now obsolete since it was commented out. There is also a NEW_DEBUGGER flag in there. This one is set to 1 by default. I just changed it to 0 and am compiling (again).
It still has a mamed.exe it seems so I am not sure what is going on.
The makefile says:
# debug builds just get the 'd' suffix and nothing more
ifdef DEBUG
NAME = $(PREFIX)$(TARGET)$(SUFFIX)d
endif
Now since debug = 0 I don't see how it is possible to have the executable be called mamed.exe.
We'll see if the executable is affected though once the compile is done.