It had been my understanding that copy-on-write is not a viable way to implement a conforming std::string in C++11, but when it came up in discussion recently I
The answers by Dave S and gbjbaanb are correct. (And Luc Danton's is correct too, although it's more a side-effect of forbidding COW strings rather than the original rule that forbids it.)
But to clear up some confusion, I'm going to add some further exposition. Various comments link to a comment of mine on the GCC bugzilla which gives the following example:
std::string s("str");
const char* p = s.data();
{
std::string s2(s);
(void) s[0];
}
std::cout << *p << '\n'; // p is dangling
The point of that example is to demonstrate why GCC's reference counted (COW) string is not valid in C++11. The C++11 standard requires this code to work correctly. Nothing in the code permits the p to be invalidated in C++11.
Using GCC's old reference-counted std::string implementation, that code has undefined behaviour, because p is invalidated, becoming a dangling pointer. (What happens is that when s2 is constructed it shares the data with s, but obtaining a non-const reference via s[0] requires the data to be unshared, so s does a "copy on write" because the reference s[0] could potentially be used to write into s, then s2 goes out of scope, destroying the array pointed to by p).
The C++03 standard explicitly permits that behaviour in 21.3 [lib.basic.string] p5 where it says that subsequent to a call to data() the first call to operator[]() may invalidate pointers, references and iterators. So GCC's COW string was a valid C++03 implementation.
The C++11 standard no longer permits that behaviour, because no call to operator[]() may invalidate pointers, references or iterators, irrespective of whether they follow a call to data().
So the example above must work in C++11, but does not work with libstdc++'s kind of COW string, therefore that kind of COW string is not permitted in C++11.