Object construction...

At which point is an object considered to be completely constructed?

    X::X()
    {
        // constructor stuff

        throw "Exception"; // premature exit
    }

    X* x;

    try
    {
       x = new X;  // is 'x' a complete object?
    }
    catch (...)
    {
        delete x;  // is this valid?
    }


Is it only the throw() that determines if an object has been constructed
or 
not?