set -e (errexit) does not work in subfunctions when a return result is checked

[Krzysztof Oledzki]

Configuration Information [Automatically generated, do not change]:
Machine: i686
OS: linux-gnu
Compiler: i686-pc-linux-gnu-gcc
Compilation CFLAGS:  -DPROGRAM='bash' -DCONF_HOSTTYPE='i686' 
-DCONF_OSTYPE='linux-gnu' -DCONF_MACHTYPE='i686-pc-linux-gnu' 
-DCONF_VENDOR='pc' -DLOCALEDIR='/usr/share/locale' -DPACKAGE='bash' -DSHELL 
-DHAVE_CONFIG_H   -I.  -I. -I./include -I./lib  
-DDEFAULT_PATH_VALUE='/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin'
 -DSTANDARD_UTILS_PATH='/bin:/usr/bin:/sbin:/usr/sbin' 
-DSYS_BASHRC='/etc/bash/bashrc' -DSYS_BASH_LOGOUT='/etc/bash/bash_logout' 
-DNON_INTERACTIVE_LOGIN_SHELLS -DSSH_SOURCE_BASHRC -march=prescott -O2 -pipe 
-fomit-frame-pointer
uname output: Linux wrestler 2.6.28.10-o3 #1 SMP PREEMPT Wed Jul 8 15:29:42 
CEST 2009 i686 Intel(R) Pentium(R) 4 CPU 3.00GHz GenuineIntel GNU/Linux
Machine Type: i686-pc-linux-gnu

Bash Version: 4.0
Patch Level: 35
Release Status: release

Description:
        set -e (errexit) does not work in subfunctions when
        caller checks for a return result

Repeat-By:
---cut here ---
#!/bin/sh

f() {
  set -e
  ls this-file-does-not-exist
  echo "should not hapen"
}

echo "Try #1"
f || echo "failed"

echo "Try #2"
f
--- cut here ---