This is an untested patch to fix the problem I pointed out with bundle
handling.  This works for your testcase.  We get the user requested MIB
template, and the hint ends up in an M slot.

2005-02-17  James E Wilson  <wilson@specifixinc.com>

	* config/tc-ia64.c (emit_one_bundle): Stop filling a bundle if we
	see an instruction that specifies a template.

Index: tc-ia64.c
===================================================================
RCS file: /cvs/src/src/gas/config/tc-ia64.c,v
retrieving revision 1.144
diff -p -p -r1.144 tc-ia64.c
*** tc-ia64.c	17 Feb 2005 07:43:11 -0000	1.144
--- tc-ia64.c	17 Feb 2005 21:03:40 -0000
*************** emit_one_bundle ()
*** 6564,6569 ****
--- 6564,6574 ----
  	  break; /* Need to start a new bundle.  */
  	}
  
+       /* If this instruction specifies a template, then it must be the first
+ 	 instruction of a bundle.  */
+       if (curr != first && md.slot[curr].user_template >= 0)
+ 	break;
+ 
        if (idesc->flags & IA64_OPCODE_SLOT2)
  	{
  	  if (manual_bundling && !manual_bundling_off)