No it's not working for sure.
There are at least 2 things to be corrected (I tried them). But first, I'd like to highlight that if you still have previous version of Xcode on your machine they are hiding this issue. In order to see it just clean you Mac of any previous version, install Xcode 4.3 and install Command Line Tools and do not forget some other addons (such as PackageMaker) which are no more in the Xcode 4.3 bundle.
Once this is done you have to correct few things in the Makefile:
PACKAGEMAKER = '/Applications/Developer Utilities/Auxiliary Tools/PackageMaker.app/Contents/MacOS/PackageMaker'
Make it points to where your PackageMaker app is now (remember that you now have to set it up by yourself)
xcode-select : run xcode-select -swith /Applications/Xcode.app/ (as Xcode 4.3 no longer lies in /Developer/...
Once these things are doen you should be able to compile without any error, but, still you installation is not going to succeed.
You now have to change few things in CordobaInstalled.
First, edit CordovaInstaller.pmdoc with PackageManager and in Cordoba distribution go to Requirements and make sure that the respective values for "file path" are:
Save and go to your parent directory to run the make command. From now you will have a fully working install (I'm still checking for something cleaner, where templates are installing at the right place)