Just curious, but wouldn't this indicate that open source code which allow iterators to close off their improvements would produce less vulnerable code overall?
The real consequence is that how secure a product is depends more on the project than on whether it is open source. Apache and OpenBSD are two examples of very good open source code. Java and Rails are two examples of not so good open source code.
Google's website is an example of good closed source code. The software shipped by Linksys is an example of bad closed source code.
What I've gotten from your answer so far is that it isn't an effect which is general, and it'll depend on the project in question. Am I on the mark?