Here, let me tell you what isn't a problem: you cannot type "system('rm -rf /')" into their username field on the signup form and wipe any machine with Diaspora installed because some idiot passed untrusted user input straight to exec. But if that were a problem, do you understand why mentioning publicly "Hey, the username field is passed straight to exec... that's sort of bad." is a bad idea? Because that lets any idiot immediately create wipe_arbitrary_diaspora_install.rb
There are several vulnerabilities in Diaspora right now. They allow very bad things. There are multiple public Diaspora installations. They are all vulnerable to very bad things.
I think releasing this was very, very premature.
It's been added to the README at http://github.com/diaspora/diaspora