Additional note (October, 2013):

If raw string literals are supported, the question of how to handle line splicing is relevant. The wording says that “the characters are processed through translation phase 3,” which is a bit ambiguous as to whether that includes phases 1 and 2 or not. It would be better to be explicit and say that the processing of phase 3 or of phases 1 through 3 is applied.

The specification of how the string-literal in a _Pragma operator is handled does not deal with the new kinds of string literals. 15.12 [cpp.pragma.op] says,

The string literal is destringized by deleting the L prefix, if present, deleting the leading and trailing double-quotes, replacing each escape sequence...

The various other prefixes should either be handled or prohibited.