I don't see a problem at all, with one exception: If we want the AS to be optional like in a bunch of other places, we have to either promote VALUES to a reserved keyword, only accept unreserved keywords, or play precedence games. I think it'd be perfectly fine to not make AS optional.
Although I've always used "AS"
in all contexts
because I think the language is
horribly
unclear without it, it seems obtuse to
allow its absence
in the SQL-conforming parts of the language and not
elsewhere
.
Is anyone really using VALUES as a non-keyword? It's reserved in all the SQL standards, which seems like storing up trouble for anyone using it otherwise.