I've (re)found the same problem as ticket "#39 Wrong Linker Label in Makefile generation".
The USER_OBJS is not replaced in the generated makefile with my build target.
The makefile is generated with these lines:
EXECUTABLES += \ USER_OBJS \
USER_OBJS: $(OBJS) $(USER_OBJS)
However the dependency list of the all target does list my build target properly.
When building make gives the error "No rule to make target
myapp.elf', needed byall'. Stop."
I'm using eclipse 4.3.1 with GNU ARM plugin v0.5.5 on Ubuntu 12.04 LTS