Only-child replaced element (with explicit dimensions, and max-width percentage value) within a floated parent, isn't rendered

Regression: Bug not present in IE7

The spec spec states that if the containing block's width is dependant on the width of the element that the max-width percentage value is applied to, then the resulting layout is undefined in CSS 2.1. However, the de facto behaviour is that the max-width value should be ignored - the element to which max-width applies, certainly should not be hidden.

Live Example

The logo of the W3C should be visible below