I applied the patch from Dmitry and added a new test file for subgraphs with bundled properties and everything seems to work just fine in trunk. There are some caveats, of course.

1. Subraphs require interior index properties for both vertices and edges, and no adjacency list provides both of these by default. You get vertex indices with VertexSet == vecS, but that's about it. You have to modify the properties of the *underlying* adjacency list - not just the subgraph. For example:

// Define the edge property
struct my_edge { ... };
typedef property<edge_index_t, size_t, my_edge> edge_prop;

// Define the underlying graph and the subgraph
typedef adjacency_list<vecS, vecS, undirectedS, my_vertex, edge_prop> Graph;
typedef subgraph<Graph> Subgraph;

2. This may not fully solve your problem since simply providing indices doesn't mean that they're going to be used. You may need to explicitly set the index of each vertex or edge during graph construction. If you remove vertices or edges... well, that doesn't seem to be a well explored operation with subgraphs.

3. Property maps are accessed from the subgraph:

Subgraph sg;
typedef property_map<Subgraph, int my_edge::*>::type WeightMap;
WeightMap weights = get(&my_edge::weight, sg);

Boost 1.38.0 release branch is closed, so this won't appear in the release until 1.39.