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It seems that from 2004 it isn't possible to build id3lib
out of the box with MinGW, but you developers build it
somehow... Probably with msvc?

And here is the problem:
In configure.in there is
AC_CHECK_FUNCS(truncate,,AC_MSG_ERROR([Missing a vital
function for id3lib])) which fails, since truncate do not
exists on windows and it seems in id3lib (tag_file.cpp)
there is simple implementation of `truncate' using win32 api
but it isn't used in configure script. This is definitely
bug in configuration (not in libray itself ;-).
I can't help with solution - i total newbie in autoconf, but
you probably, shall check here if configuring for windows
and add definitions to enable this function.