That is an interesting etymological piece of information. It does, however,
not affect the meanings of the terms "lvalue" and "ravlue" as used in the
C++ standard.
Certainly. It does, however, affect the rationale behind and
the motivation for that meaning. Knowing the history helps
understand the present.
The general reference of the C standard in the C++ standard does not imply
that all definitions of terms of the C standard are incorporated and used
within the C++ standard. In particular, if the C++ standard defines terms
that also are defined in the C standard, the definitions from the C++
standard take precedence and the terms acquire a (possibly new) meaning in
the context of the C++ standard.
And when the C++ standard doesn't re-define a term, but the C
standard does, the meaning in the C standard holds. And when
the C++ isn't clear, understanding the C standard can often help
understand intent---there are places (lvalue and rvalue are one)
where the C++ standard doesn't intentionally (and intentionally
doesn't) differ from the C standard.
In this case, of course, Alf said that it was a note. A
non-normative part of the standard, and not part of the official
"definition". Again, it helps in understanding the intent and
the motivation of lvalue. (It doesn't define it in a normative
sense.)
I do not see that the C++ refers and defers to the C standard with respect
to the meanings (or readings) of "lvalue" and "rvalue". Those terms are
defined by the C++ standard itself and, therefore, may or may not have a
different meaning than the notions of the C standard that happen to be
spelled identically.
Personally, I don't think that either reading ("locator value" or "left
value") is particularly good. I prefer to say, write, and _think_ "lvalue"
just as a memo to myself that it is a purely technical term whose meaning
is fully determined by rules given in the standard. Any association to
either locations or left sides of expressions runs the risk of being
misleading in certain contexts.
If you're arguing about an exact detail in the code, e.g.
whether something is legal or not, the only definition is that
derived from the specifications in section 5, in which it is
specified which expressions result in lvalues, when. If you're
trying to get a general feel for the "meaning" of the term, why
the standard even makes a distinction, etc., then the text that
Alf cited is very useful background information.