Tom, the vector of attack is:
Post a comment in a visible place. Use HTML, and include an IMG tag that links to the admin page that grants site-wide-admin privileges.
Wait for the admin to visit that page. Now you have site-wide-admin privileges.
Now install developer-support, use the shell page, and you can execute arbitrary Unix commands, delete the database files and backups, etc.. You can also subtly change information on the webserver (since you have database access), and edit your posting, removing all trace of what happened. Then you can take away you privileges, and nobody would know.
Most OpenACS sites should not be vulnerable to this.
Toggling 'registration requires admin approval' won't help. You have to not allow all HTML tags. That's why that was put there in the first place. By default, it was very secure, but in OpenACS 5.1, it was made more lax.
So all OpenACS 5.1 installations (that weren't upgrades from something else) need to go into the parameters and remove the * from the HTML permitted section.
I've changed this in the 5.1 branch, so new installations from this date forward will be secure.
But beyond this, what are we going to do going forward?
On IRC, people are talking about making the admin pages be in forms, because then you can sign the variables. This is a very good and important idea, but it needs volunteers, and as much as I'm bitching right now, I'm not volunteering :)