NFS root unexpectedly squashed

While experimenting with setting up ltsp on Fedora 18, I came across a strange NFS behaviour which took quite some time to iron out.

I was already exporting /opt as a read only file system; however, with root squashed. LTSP added another export for /opt/ltsp with no_root_squash option. 

/opt *(ro,sync,no_subtree_check)
# export for LTSP version 5
/opt/ltsp   *(ro,no_root_squash,async,no_subtree_check)

Everything seemed to be sort of working with a few strange effects, e.g. I could not use passwords and some ltsp scripts were failing.
The problem was that root seemed to be still squashed:

[anil@localhost ~]$ sudo mount amd:/opt/ltsp/x86_64 /mnt
[anil@localhost ~]$ cd /mnt/home
[anil@localhost home]$ ls -l
total 8
drwxrwx--- 2 anil  anil  4096 Apr  6 13:04 anil
drwx------ 2 guest guest 4096 Apr 10 12:35 guest
[anil@localhost home]$ sudo su
[root@localhost home]# cd anil
bash: cd: anil: Permission denied

A workaround was to use fsid=0 although whatever documentation I came across seemed to suggest that it was no longer needed:

/opt/ltsp   *(ro,fsid=0,no_root_squash,sync,no_subtree_check)

Unfortunately, I had forgotten that /opt was also being exported and noticed it only after finding the work-around and getting ltsp to work on Fedora 18.