Proposed resolution:

Strike the note, [reverse.iter.op.star]/2:

[ Note: This operation must use an auxiliary member variable rather than a temporary variable to avoid returning a reference that persists beyond the lifetime of its associated iterator. (See 24.2.) —end note ]

[ 2013-04-20, Bristol ]

Alisdair: sugested to strike the "exposition only" member.

Daniel: we must check that it wouldn't conflict with a previous solution to another issue.

Dietmar: This is an issue but the proposing word is not correct. When we have proxies inside the sequence.

Solution: NAD thanks to a contrieved example by Dietmar.

This note in [reverse.iter.op.star]/2:

[ Note: This operation must use an auxiliary member variable rather than a temporary variable to avoid returning a reference that persists beyond the lifetime of its associated iterator. (See 24.2.) —end note ]

is incorrect because such iterator implementations are ruled out by [forward.iterators]/6, where it says:

If a and b are both dereferenceable, then a == b if and only if *a and *b are bound to the same object.