volatile semantics

[Mike Stump]

int avail;
int main() {
  while (*(volatile int *)&avail == 0)
    continue;
  return 0;
}
Ok, so, the question is, should gcc produce code that infinitely  
loops, or should it be obligated to actually fetch from memory?   
Hint, 3.3 fetched.

I get:
L6:
        b L6
on mainline and 4.0.