The problem is when you’re not alone working on a project.
Let’s say project has developer A and B.
A adds a new source file x.c. He doesn’t changes CMakeLists.txt and commits after he’s finished implementing x.c.
Now B does a git pull, and since there have been no modifications to the CMakeLists.txt, CMake isn’t run again and B causes linker errors when compiling, because x.c has not been added to its source files list.
2020 Edit: CMake 3.12 introduces the CONFIGURE_DEPENDS argument to file(GLOB which makes globbing scan for new files: https://cmake.org/cmake/help/v3.12/command/file.html#filesystem
This is however not portable (as Visual Studio or Xcode solutions don’t support the feature) so please only use that as a first approximation, else other people can have trouble building your CMake files under their IDE of choice!