Analysis by Bojan Zdrnja at the Internet Storm Center here:
http://isc.sans.org/diary.html?storyid=7867

My take:
http://www.eset.com/threat-center/blog/2010/01/04/adobe-javascript-and-the-cve-2009-4324-exploit

David Harley FBCS CITP CISSP
Chief Operations Officer, AVIEN
Director of Malware Intelligence, ESET

Also blogging at:
http://www.eset.com/threat-center/blog
http://smallbluegreenblog.wordpress.com/
http://blogs.securiteam.com
http://blog.isc2.org/
http://dharley.wordpress.com