The shell will expand the star only if there are *.out files in the current directory. However, quoting the pattern, the snippet works as advertized.

unzip -l archive.zip "*.out" | perl -ne 'if (/(\S+\.out)$/){ print $1,
+" ", `unzip -p archive.zip $1`,  $/}'
[download]

The purpose of this snippet was to emphasize that artist is doing something unnecessarily complicated. Since his method is not portable, at least he should try not to waste resources. ;)