LaTeX with embedded in-line code blocks and AucTeX

[Liam Healy <lnp@healy.washington.dc.us>]

I am writing LaTeX in my org file with embedded code evaluation using
src_lang in-line code blocks (in my case, lang=lisp). This works fine
when using bare LaTeX for export, but I would like AUCTeX editing and
highlighting which are not available with bare LaTeX in the org file.
The only way I can see to get AUCTeX is to use a LaTeX source code
block; this does what I want, but now the inline code blocks are not
expanded; instead, they are exported literally to the LaTeX. Is there
a way to have an exportable LaTeX source code block that expands
in-line code blocks on export, or somehow have the AuCTeX editing
features with in-line src_lang code blocks that get expanded?

Example:

* This is an example
#+BEGIN_SRC latex :exports code :file example.pdf
This is an example.  The sum of 2 and 2 is $src_lisp{(+ 2 2)}$.
#+END_SRC

produces (removing a lot of preamble for clarity)

\begin{document}
\maketitle
\setcounter{tocdepth}{3}
\tableofcontents
\vspace*{1cm}
\section{This is an example}
\label{sec-1}

This is an example.  The sum of 2 and 2 is $src_lisp{(+ 2 2)}$.

\end{document}

whereas

* This is an example
This is an example.  The sum of 2 and 2 is $src_lisp{(+ 2 2)}$.

produces

\begin{document}

\maketitle

\setcounter{tocdepth}{3}
\tableofcontents
\vspace*{1cm}
\section{This is an example}
\label{sec-1}

This is an example.  The sum of 2 and 2 is $=4=$.

\end{document}

Is this a bug in org-mode, or is there some configuration I need to change?
Org-mode version 8.0-pre (release_8.0-pre-111-g7b3601)

Thanks,
Liam