Proposed resolution (September, 2013):

Change 11.4.5.3 [class.copy.ctor] paragraph 32 as follows:

When the criteria for elision of a copy operation are met or would be met save for the fact that the source object is a function parameter, and the object to be copied is designated by an lvalue, or when the expression in a return statement is a (possibly parenthesized) id-expression that names an object with automatic storage duration declared in the body or parameter-declaration-clause of the innermost enclosing function or lambda-expression, overload resolution to select the constructor for the copy is first performed as if the object were designated by an rvalue. If overload resolution fails...