John,
From my fox hole i yet to find anything in older texts what my suggestion breaks. Things are that fixed form will be used for ages and will co-exist with free form. Rewriting fixed form sources to free form for large codes is invitation for the hell. So when there will be similar parts in both sources they will be different unless you will be counting besides 6 spaces 73 too like in the davidb's example above. I started using it few weeks back after our conversation about this but i do not like it, it is extremely unnatural and inconvenient. Expanding and editing such parts makes you hate programming.
What currently typically happens when you do free/fixed continuations differently is that if your editor searches/replaces for example some patterns in the texts, it might miss free or fixed form instances because they have different methods of continuations. Sometimes you need to change 100s of similar text patterns in free and hundreds in fixed source parts (say, the same long multiline common block or multiline Clearwin control).
My suggestion makes them 100% the same and looks absolutely natural and familiar to programmer's eye.
I'd also looked even further into darker territory and considered to allow free form way of continuation in fixed form texts so that you do not have to count spaces if two & symbols are present at the end of first line and the beginning of the next one. What this suggestion actually breaks? I do not see anything but of course welcome any criticism. FTN77/FTN95 were the most radical compilers from the beginning and allowed way too foreign things to co-exist peacefully with the Fortran text, like assembler, HTML and graphics extensions, why not to allow mixing free form Fortran in the fixed form parts ? That should be the most natural extension.