I see a small problem here which is semi-analogous to the 230.42/230.90 issue we've been discussing all along.
According to 408.30 "All panelboards shall have a rating not less than the minimum feeder capacity required for the load calculated in accordance with Part III, IV, or V of Article 220, as applicable."
None of those 220 sections require the 125%/100% calculation; as a matter of fact they allow for reduction of the allowable ampacity under some fairly common circumstances. Therefore, it seems to me that I could legally size the panelboard much smaller than 215.3 requires thereby violating the requirements for allowable ampacity if it is considered a "feeder".
Furthermore; "408.36 Overcurrent Protection. In addition to the requirement of 408.30, a panelboard shall be protected by an overcurrent protective device having a rating not greater than that of the panelboard." would require me to size the OCPD at not more than the buss size which would violate the 125%100% requirement for a feeder OCPD.
Does this seem about right?