constant_value_1 has been trying to pull out DECL_INITIAL for any variable with the proper type. This can be problematic in templates, where DECL_INITIAL hasn't always been properly folded yet. But since we try to reduce initializers to a constant when we process the declaration, we can just decide whether or not we want to use the initializer based on TREE_CONSTANT.

Tested x86_64-pc-linux-gnu, applying to trunk.
commit 9c7fa022068d56f4417aeea733e8bdf21c4a98e7
Author: Jason Merrill <ja...@redhat.com>
Date:   Mon Mar 7 16:00:05 2011 -0500

        PR c++/48015
        * init.c (constant_value_1): Always require init to be TREE_CONSTANT.

diff --git a/gcc/cp/init.c b/gcc/cp/init.c
index e590118..56f66fa 100644
--- a/gcc/cp/init.c
+++ b/gcc/cp/init.c
@@ -1760,17 +1760,15 @@ constant_value_1 (tree decl, bool integral_p)
        init = TREE_VALUE (init);
       if (!init
          || !TREE_TYPE (init)
-         || uses_template_parms (init)
-         || (integral_p
-             ? false
-             : (!TREE_CONSTANT (init)
-                /* Do not return an aggregate constant (of which
-                   string literals are a special case), as we do not
-                   want to make inadvertent copies of such entities,
-                   and we must be sure that their addresses are the
-                   same everywhere.  */
-                || TREE_CODE (init) == CONSTRUCTOR
-                || TREE_CODE (init) == STRING_CST)))
+         || !TREE_CONSTANT (init)
+         || (!integral_p
+             /* Do not return an aggregate constant (of which
+                string literals are a special case), as we do not
+                want to make inadvertent copies of such entities,
+                and we must be sure that their addresses are the
+                same everywhere.  */
+             && (TREE_CODE (init) == CONSTRUCTOR
+                 || TREE_CODE (init) == STRING_CST)))
        break;
       decl = unshare_expr (init);
     }
diff --git a/gcc/testsuite/g++.dg/cpp0x/regress/non-const1.C 
b/gcc/testsuite/g++.dg/cpp0x/regress/non-const1.C
new file mode 100644
index 0000000..7fc66a7
--- /dev/null
+++ b/gcc/testsuite/g++.dg/cpp0x/regress/non-const1.C
@@ -0,0 +1,9 @@
+// PR c++/48015
+// { dg-options -std=c++0x }
+
+template <typename T> T f(T);
+template <typename T> void g()
+{
+  int const c = f (1);
+  int i = c - 0;
+}

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