Hypersmurf means, "Yes it does in 3.5." Hehe. They Smurfmeister can be cryptically wise! You gotta love him!
Its a silly rule anyway. The WoTC guys admit (as mvincent pointed out above) its a pretty hinky rule. From what I understand WotC is pretty much convinced, as I am, that negative Bag/Hole/Rope Trick effects are subject to careful reconsideration.
I suspect we won't see that in 4.0 so you'll be able to enter a rope trick carrying a bag of holding without destroying the space-time continuum. Just as you can enter the astral plane with a portable hole without annihilating the outer planes (hehe...I kill me).
Storme