An important thing to note about sequence points is that they are not global, but rather should be regarded as a set of local constraints. For example, in the statement
a = f1(x++) + f2(y++);
There is a sequence point between the evaluation of x++ and the call to f1, and another sequence point between the evaluation of y++ and the call to f2. There is, however, no guarantee as to whether x will be incremented before or after f2 is called, nor whether y will be incremented before or after x is called. If f1 changes y or f2 changes x, the results will be undefined (it would be legitimate for the compiler's generated code to e.g. read x and y, increment x, call f1, check y against the previously-read value, and--if it changed--go on a rampage seeking out and destroying all Barney videos and merchandise; I don't think any real compilers generate code that would actually do that, alas, but it would be permitted under the standard).