I can confirm that compilation fails using SBCL 1.0.16 on a Ubuntu 7.10 system with a:
"has no suitable method for STREAM-ELEMENT-TYPE, and so has fallen through to this method...."
error that crashes the whole session. You can reproduce this behaviour with the following:
(defclass foo (standard-class) ()) (defclass bar () () (:metaclass foo))
Cheers, Jason