I think his argument is that you can have code this:

  user = s->user;
  if(user == bob)
    user->acls[s->idx]->has_all_privileges = true;

And this happens: 1. s->user is initialized to alice 2. Thread 1 sets s->idx to ((alice - bob) / sizeof(...)) and s->user to Bob, but only the intval portion is executed and the capability still points to Alice 3. Thread 2 executes the if, which succeeds, and then gives all privileges to Alice unexpectedly since the bob intval plus the idx points to Alice, while the capability is still for Alice

It does seem a real issue although perhaps not very likely to be present and exploitable.

Seems perhaps fixable by making pointer equality require that capabilities are also equal.