I've also some troubles with srfi-11 reference implementation:

Loaded Black Hole.
Gambit v4.6.0

(import srfi-11)

(let-values (((a b) (values 0 1)) ((c d) (values 2 3))) (list a b c d))

=> (2 2 2 2) ;; should be (0 1 2 3)

(let*-values (((a b) (values 0 1)) ((c d) (values 2 3))) (list a b c d))

=> (0 0 2 2) ;; should be (0 1 2 3)

--marco