It is an lvalue, we can see this if we look at the draft C99 standard section 6.5.2.5 Compound literals it says (emphasis mine):
If the type name specifies an array of unknown size, the size is
determined by the initializer list as specified in 6.7.8, and the type
of the compound literal is that of the completed array type. Otherwise
(when the type name specifies an object type), the type of the
compound literal is that specified by the type name. In either case,
the result is an lvalue.
If you want a const version, later on in the same section it gives the following example:
EXAMPLE 4 A read-only compound literal can be specified through
constructions like:
(const float []){1e0, 1e1, 1e2, 1e3, 1e4, 1e5, 1e6}
We can find an explanation of the terminology in this Dr Dobb's article The New C: Compound Literals and says:
Compound literals are not true constants in that the value of the
literal might change, as is shown later. This brings us to a bit of
terminology. The C99 and C90 Standards [2, 3] use the word “constant”
for tokens that represent truly unchangeable values that are
impossible to modify in the language. Thus, 10 and 3.14 are an integer
decimal constant and a floating constant of type double, respectively.
The word “literal” is used for the representation of a value that
might not be so constant. For example, early C implementations
permitted the values of quoted strings to be modified. C90 and C99
banned the practice by saying that any program than modified a string
literal had undefined behavior, which is the Standard’s way of saying
it might work, or the program might fail in a mysterious way. [...]
