In 12.2.4 [over.match.best] paragraph 1, bullet 4 of the second set of bullets, there is a cross-reference to 9.4 [dcl.init] and 12.2.2.6 [over.match.conv] . I believe it should also reference 12.2.2.7 [over.match.ref] . I think the phrase "initialization by user-defined conversion" was intended to refer to all initializations using user-defined conversions, and not just the case in 12.2.2.6 [over.match.conv] . Referring to only 12.2.2.6 [over.match.conv] suggests a narrower meaning of the phrase.

12.2.2.5 [over.match.copy] , although it does deal with initialization by user-defined conversion, does not need to be referenced because it deals with class —> class cases, and therefore there are no standard conversions involved that could be compared.