You get no (compatible) make on MSVC. More imporantly, whith nontrivial dependencies to third party libraries, self-coded makefiles just break down. Cross-platform handling of dependencies is fragile and makes drudgery. You're liable to do worse than CMake - after wasting a lot of time and energy.
CMake is more an alternative to GNU autoconf and pals, with the difference that it has first class support for things like MSVC and XCode.