The problem is that we can have two loop exits, 'a' and 'b', where 'a' and 'b' would exit at the same iteration, 'a' precedes 'b' along some path, and 'b' is predicated while 'a' is not. In this case (see the previously submitted test case), we causing the loop to exit through 'b' whereas it should have exited through 'a'.
This only applies to loop exits where the exit counts are inequal, but that isn't as much of a restriction as it appears. If we could order the exit counts, we'd have already removed one of the two exits. In theory, we might be able to prove inequality w/o ordering, but I didn't really explore that piece. Instead, I went for the obvious restriction and ensured we didn't predicate exits following non-predicateable exits.
Credit goes to Evgeny Brevnov for figuring out the problematic case. Fuzzing probably also found it (lots of failures), but due to some silly infrastructure problems I hadn't gotten to the results before Evgeny hand reduced it from a benchmark (he manually enabled the transform). Once this is fixed, I'll try to filter through the fuzzer failures to see if there's anything additional lurking.
than->then