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It seems that we weren't all on the same page in terms of how transactions were supposed to work. I think it was agreed that the language is a bit vague and that we should put more detail in the spec about how they should work. Jonas' email [1] on the thread ("[IndexedDB] Implicit transactions") probably sums the expected behavior up best. [1] http://lists.w3.org/Archives/Public/public-webapps/2010JulSep/0376.html
Fixed by http://dvcs.w3.org/hg/IndexedDB/rev/26e7d99ab935 It's a quite complicated checkin so please do check that things look good.