This ridiculous issue with "allow ordering" is annoying.
The problem with it also that customer can add products out of stock into the cart and proceed with payment, and then get notified about product being on order. The solution to this could be limit quantity of product possible add to cart to the quantity in stock. But then, it needs to show out of stock/preorder label - and why doesn't it??
I my case I have issues even with "in stock" label showing only on the product-list page, on the product page itself it is invisible, and when i change css to "display:block", it is sized 18px*0px.