And if you have that ability, worrying about the security of a module such as this seems, to me, totally and utterly pointless, because you could be inserting a rootkit, or a module that randomly deletes a file every time you press the letter A etc.
So could you explain what you mean please? Why be concerned about security when security is already compromised? How does it being multi-user make a difference?
Suppose your admin is a funny guy and loads this kernel module at April 1st. I (Jonny non-root user) can no longer listen to my favorite mp3, because the kernel module changes the path all the time. The admin loughs and has fun.
But then later I call open() with some fancy arguments and take over the whole machine (or at least crash it). This is the part where I lough.