Note that the behaviour you described does exist, it is just non standard. So in a way you are correct, once you qualify that it is compiler dependent. Now that the standard has thread support, there is little reason to rely on the older behaviour.

For example, Microsoft's C++ compiler documentation:

ISO Compliant
If you are familiar with the C# volatile keyword, or familiar with the behavior of volatile in earlier versions of Visual C++, be aware that the C++11 ISO Standard volatile keyword is different and is supported in Visual Studio when the /volatile:iso compiler option is specified. (For ARM, it's specified by default). The volatile keyword in C++11 ISO Standard code is to be used only for hardware access; do not use it for inter-thread communication. For inter-thread communication, use mechanisms such as std::atomic<T> from the C++ Standard Template Library.
End of ISO Compliant

Microsoft Specific
When the /volatile:ms compiler option is used—by default when architectures other than ARM are targeted—the compiler generates extra code to maintain ordering among references to volatile objects in addition to maintaining ordering to references to other global objects. In particular:

• A write to a volatile object (also known as volatile write) has Release semantics; that is, a reference to a global or static object that occurs before a write to a volatile object in the instruction sequence will occur before that volatile write in the compiled binary.
• A read of a volatile object (also known as volatile read) has Acquire semantics; that is, a reference to a global or static object that occurs after a read of volatile memory in the instruction sequence will occur after that volatile read in the compiled binary.
  This enables volatile objects to be used for memory locks and releases in multithreaded applications.