Authentication is not required to exploit this vulnerability. The specific flaw exists within SMTPDLL.dll (called by queuemgr.exe). When handling a message queued for remote delivery user supplied data can be used to specify additional format specifiers to a vsprintf call. This can be accomplished by providing a specially crafted -NOTIFY argument to the SMTP "RCPT TO:" argument. Additionally, the destination buffer supplied to vsprintf is a local stack buffer and can also be overflowed with a large -NOTIFY argument. A remote attacker can exploit this vulnerability to execute arbitrary code under the context of the SYSTEM user.
Disclosure Timeline:
2010-06-08 - Vulnerability reported to vendor
2010-07-15 - Coordinated public release of advisory