According to an Ubuntu security alert, the flaws are dangerous enough to cause arbitrary code execution attacks.
From the alert:
Ubuntu documents 22 different vulnerabilities affecting Ubuntu 10.10 and Ubuntu 10.04 LTS.
A separate vulnerability in the open-source operating system was also fixed to block an issue that lets attackers use eCryptfs to unmount arbitrary locations and cause a denial-of-service condition.
It was discovered that eCryptfs incorrectly handled permissions whenmodifying the mtab file. A local attacker could use this flaw to manipulate the mtab file, and possibly unmount arbitrary locations, leading to a denial of service.
The ecryptfs-utils vulnerability affects Ubuntu 11.04, Ubuntu 10.10 and Ubuntu 10.04 LTS.