The MITRE CVE dictionary describes this issue as:
Untrusted search path vulnerability in src/if_python.c in the Python interface in Vim before 7.2.045 allows local users to execute arbitrary code via a Trojan horse Python file in the current working directory, related to a vulnerability in the PySys_SetArgv function (CVE-2008-5983), as demonstrated by an erroneous search path for plugin/bike.vim in bicyclerepair.
Find out more about CVE-2009-0316 from the
MITRE CVE dictionary dictionary and
This issue did not affect vim as shipped in Red Hat Enterprise Linux 3 and 4. This issue is not planned to be fixed in vim packages in Red Hat Enterprise Linux 5.