It pass acid test 2. so yes, it is standard compliant.
The problem is that we assume IE is not. so the fixes for ie < 8 applied to IE8 break the page in IE8. It is just a guess for this bug (maybe it's a IE8 bug) but that's what did happen when ie7 went out:
http://www.thinkvitamin.com/features/design/internet-explorer-7-were-you-ready
Acid2 is actually not a 100% standards compliance test. And it also tests non-standard error corrections. So, it is possible to pass Acid2 and still have a very buggy browser.
I looked it after, and I think it's a bug - I couldn't isolate it so I am not sure. There is so some rules to trigger the hasLayout properties in IE6 and IE7 but I don't think they have anything to do with it.
About the ie7 emulator, it does a good job but it's not perfect. There are bugs in IE8 render mode with the avatar, that are not fix with the emulator.
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