Sooo...
On the one hand, I have absolutely no idea why this is happening, and
not really much time to debug it right now.
On the other hand, I have a workaround for you (and I tried the
workaround on v0.3, as well as on the current github master, and it
worked in both cases for me).
I started off by verifying that your code failed on your page and that
it worked on another PDF. Then I asked myself "What happens if I use
my watermark example to create a PDF with your page as a watermark?"
(because that uses some of the same form XObject code). That worked,
so then I asked myself "What does it look like if I pass my
watermarked page through your reportlab code?"
Interestingly, the entire watermarked page, including your image made
it through. So I modified your code to do the minimal stuff that the
watermark does, which winds up putting a form XObject inside a form
XObject when it's passed to reportlab. That worked.
Here's a slightly modified version of your code that I used for this.
import sys
from reportlab.pdfgen import canvas
from pdfrw import PdfReader, PageMerge
from pdfrw.buildxobj import pagexobj
from pdfrw.toreportlab import makerl
inch = 72
fname, = sys.argv[1:]
page = PdfReader(fname,decompress=False).pages[0]
p = pagexobj(PageMerge().add(page).render())
c = canvas.Canvas('outstuff.pdf')
c.setPageSize([8.5*inch, 11.0*inch]) #Set page size (for portrait)
c.doForm(makerl(c, p))
c.showPage()
c.save()