I have proposed a clipping node solution on github. And the render logic of ClippingNode for canvas mode is implemented.
But on WebGL, the stencil clipping doesn’t work as expected.

Refer to this pull request to see what has been changed: https://github.com/cocos2d/cocos2d-html5/pull/1316
A solution to improve the performance of ClippingNode on canvas mode is still waiting to be found.

I added Xingsen’s clip version of ClippingNode for canvas render mode. Now the cc.DrawNode stencil will clip the scene with context.clip() function, but cc.Sprite will still clip the scene with context.globalCompositionOperation which support texture stencil.
Clip mode is a more efficient way. But it has two main inconvenient:
1. It doesn’t support recessive stencil
2. It doesn’t support texture stencil

We suggest using ClippingNode with shapes on cc.DrawNode. If developer need texture stencil, we suggest that his ClippingNode’s visit function shouldn’t be called too often, otherwise the performance on mobile isn’t very good.

This is no longer a bug, but CCClippingNode still need some improvement on performance, so I close this issue and opened another refactor request: http://www.cocos2d-x.org/issues/3460