Re: SFINAE revisited

Just ran into an interesting question concerning SFINAE.
Given the following code:

    #include <iostream>
    #include <typeinfo>

    template< typename T >
    class P
    {
    public:
        P( T* ) { std::cout << "In P: normal ctor" << std::endl ; }
        template< typename U >
        P( U* ) { std::cout << "In P: template ctor (U = "
                    << typeid( U ).name() << ')' << std::endl ; }
    } ;

    class B
    {
    public:
        virtual ~B() {}
    } ;

    int
    main()
    {
        class D : public B {} ;
        P< B > p( new D ) ;
        return 0 ;
    }

Should this compile, and if so, what should the program output?
I've got three different compilers at hand: one fails to
compile, one outputs "In P: normal ctor", and one outputs "In P:
template ctor (U = ...)", where the ... is the mangled name of
D. (My own feeling is that it shouldn't compile. But I'm not
all that clear about template argument deduction, and at what
level SFINAE kicks in.)