Having read the thread in a somewhat spotty fashion, I'd say that it's the difference between (make it run) implement the correct features and (make it work) implement the features correctly.
in reply to Re^4: Make it good
in thread Make it good
The emphasis for "make it run" is to get features fast to your users (make the program actually run the code). If it solves problems that aren't the user's problems, it's useless. If it solves a few of the user's problems earlier rather than later, it may be more useful. It sure provides more feedback.
The emphasis for "make it work" is for your program to not contain bugs. If it solves the user's problems the wrong way, it's broken.