Authentication is not required to exploit this vulnerability.
The flaw exists within the nLDAP.exe component which listens by default on TCP port 389. When handling the an LDAP Bind Request packet the process blindly copies user supplied data into an undersized shared memory buffer. A remote attacker can exploit this vulnerability to execute arbitrary code under the context of the SYSTEM user.
Disclosure Timeline:
2010-07-20 - Vulnerability reported to vendor
2011-02-07 - Coordinated public release of advisory