In MSSQL 2014, you can set the compatibility level to 110, then it will work as expected in the example.

ALTER DATABASE [db_name] SET COMPATIBILITY_LEVEL = 110

GO

Great question. However, I have to point out that the example behaves differently on SQL 2014 (e.g. the traceflag 9204 have been replaced by 2363). Seems I have some reading...

Perhaps it would be worth to mention how the setting of ANSI_NULLS affects the evaluation.