[Moved to DR at the November, 2014 meeting.]

Proposed resolution (June, 2014):

This issue is resolved by the resolution of issue 1467.

The wording of 9.4.5 [dcl.init.list] paragraph 3,

if the initializer list has a single element of type E and either T is not a reference type or its referenced type is reference-related to E, the object or reference is initialized from that element

does not specify whether the initialization is direct-initialization, copy-initialization, or the same kind of initialization that applied to the list-initialization. This matters when E is a class type with an explicit conversion function. (Note that aggregate initialization performs copy-initialization on its subobjects, but it's not clear whether that should be the pattern followed for this case.)