Additional note (October, 2010):

There is a related problem with this wording: it covers only “the execution of the initializer expressions in the ctor-initializer,” when it should also cover execution of base and member constructors, regardless of whether they have initializer expressions in the ctor-initializer or not.

The issue has been moved back to "review" status to allow consideration of amending the proposed resolution to something like

...during the execution of the compound-statement or, if the function is a constructor or destructor, during the initialization or destruction of the class's subobjects, transfers control...