The interaction of default arguments and ellipsis is not clearly spelled out in the current wording of the Standard. 9.3.4.7 [dcl.fct.default] paragraph 4 says,

In a given function declaration, all parameters subsequent to a parameter with a default argument shall have default arguments supplied in this or previous declarations.

Strictly speaking, ellipsis isn't a parameter, but this could be clearer. Also, in 9.3.4.6 [dcl.fct] paragraph 2,

If the parameter-declaration-clause terminates with an ellipsis, the number of arguments shall be equal to or greater than the number of parameters specified.

This could be interpreted to refer to the number of arguments after the addition of default arguments to the argument list given in the call expression, but again it could be clearer.