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Rasmus encouraged me to... in his php.internals message on May 11 "Re: 5.4 again".
Fixed the issue documented in test ext/simplexml/tests/034.phpt (an almost 2 year old "expected fail")
The fix was non-trivial. It uses the iterator where appropriate to enumerate the property hash instead of traversing via ->next.
This slightly changes the behavior of var_dump()
on SimpleXMLElement (enough to break 1 additional test, bug51615, which I then updated so it passes) so I'm more than happy to discuss it on the php.internals list before committing my code.