not a critical bug, but annoying (exists in all mc versions)..
cd ..; make; cd -
doesn't work.
However, adding any command in front of 'cd', e.g. 'ls; cd ..; make;
cd -' fix the problem.

A quote from command.c:

[...]
Advanced users should be encouraged to use "\cd" instead of "cd" if 
they want the behavior they are used to in the shell.
[...]

I am not going to fix this for 4.6.2 - I am not sure I'll be able to
find a proper solution right now. Of course patches are welcomed. 
People interested in fixing this should start looking at command.c.