yank-excluded-properties not functioning when font-lock-face set

[JD Smith]

I posted a COMINT problem earlier which David revealed to be a
deficiency in yank-excluded-properties.

Here's how to reproduce.

In *scratch*, type 

test

Select the word and then 

M-: 
(add-text-properties (point) (mark) '(read-only t font-lock-face bold)) [Ret]

Verify the text is read only.

Mark and yank the string, M-w, C-y.

Notice that the new text is read-only, despite
yank-excluded-properties containing:

(read-only invisible intangible field mouse-face help-echo 
        local-map keymap yank-handler follow-link fontified)

After experimenting, it appears that *any* text with a font-lock-face
property attached to it will ignore yank-excluded-properties upon
yanking.

JD