Here is finally the first of my two promised docs. It became so long that I put everything into a Google Doc. The nice benefit is that it makes it easier to discuss things as you can do it there in context. Anyone with the link can read and comment.
Bart, you can probably skim over large parts, in particular examples as all the first ones work as expected. I would recommend reading the Introduction and then mainly focus on the sections Specification and Amended Specification. The interesting stuff only really starts in the section Dangling References. Its subsections Deferred Initialization and Hidden Named References are the only ones that contain examples that don't work as expected/desired. Also have a look at the TODOs.
I absolutely still want to come back to -u named references (see comments under TODOs) but first I will work on my second doc where I will propose an alternative that suggests to do less (a less complex implementation) for more (a more expressive language). If it's adopted, a number of questions/issues would become moot. I hope that I can finish it before the end of the weekend.
Philippe