Simple COALESCE(...VALUES...) throws severe error on SQL Server 2008

The following simple statements throws a severe error:

SELECT COALESCE((SELECT Wert FROM (VALUES (NULL)) AS Werte(Wert)), NULL, 2)

If reformulated with (nested) ISNULLs, the statement works.

Is this a known bug?

SQL Server version: 10.0.5500.0 on NTx64.