Proposed resolution:

This wording is relative to N5014.

1. Modify [indirect.syn], as indicated:

   namespace std {
     template<class T, class Allocator = allocator<T>>
     class indirect {
     public:
       […]
       // [indirect.obs], observers
       constexpr operator const T& () const & noexcept;
       constexpr operator T& () & noexcept;
       constexpr operator const T&& () const && noexcept;
       constexpr operator T&& () && noexcept;
       constexpr const T& operator*() const & noexcept;
       constexpr T& operator*() & noexcept;
       constexpr const T&& operator*() const && noexcept;
       constexpr T&& operator*() && noexcept;
       constexpr const_pointer operator->() const noexcept;
       constexpr pointer operator->() noexcept;
       […]
   

2. Modify [indirect.obs], as indicated:

   constexpr operator const T& () const & noexcept;
   constexpr operator T& () & noexcept;
   constexpr const T& operator*() const & noexcept;
   constexpr T& operator*() & noexcept;
   

   -1- Preconditions: `*this` is not valueless.

   -2- Returns: *p.

   constexpr operator const T&& () const && noexcept;
   constexpr operator T&& () && noexcept;
   constexpr const T&& operator*() const && noexcept;
   constexpr T&& operator*() && noexcept;
   

   -3- Preconditions: `*this` is not valueless.

   -4- Returns: std::move(*p).

In addition to serving as a better unique_ptr<T> in Pimpl, indirect<T> can also appear as a drop-in replacement for `T` when `T` may conditionally be an incomplete type. In which case, if indirect<T> is convertible to T&, certain tasks can be done without meta-programming (e.g., returning the object of type `T` or indirect<T> from a function with a return type T&).