In light of bug report 631977...
In that case the documentation needs to be
updated, and the two-operand form of EQU
needs to limit the first operand to a 16-bit value.
However, before you go down that road, you
may want to spend some time thinking about
the recent enhancements to the BIN format.
Don't they give the user the ability to select
where segments end up? If so, can they end
up above 1 MB? If so, then the segment part
of labels needs to support more than 16 bits.
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Also see bug #670466.
It looks like "absolute=" in a [SEGMENT] directive
for the OBJ or IEEE output format suffers from this
very same problem: no 16-bit limit check.