I still remember one of my favorite linux bugs was due to the NULL behavior.
It was roughly this
read-from-p;
if(p != NULL) write-to-p;
since read-from-p is undefined if p is null, gcc could (and did) legally optimize out the NULL check, so you could end up writing to NULL.
[edit] I noticed that this case of bug is actually mentioned in the regehr article that is linked.