The solution here isn't to switch the order of -l and -o, but to remove -l entirely.

Yes, that's a good point, in bliako's example the -l isn't needed, e.g. perl -i -0777pe 's/2/4/gs'.

In general, one might still want to use -0777 and -l together to change $\. A few more TIMTOWTDI examples doing that:

$ perl -MO=Deparse -0777l11ne ...
BEGIN { $/ = undef; $\ = "\t"; }
...
$ perl -MO=Deparse -l11n0777e ...
BEGIN { $/ = undef; $\ = "\t"; }
...
$ perl -MO=Deparse -ln0777e ...
BEGIN { $/ = undef; $\ = "\n"; }
...
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