Can we please stop posts like that without a proper introduction? I'm counting myself as proficient in Linux for many years and all i get is that it's some C code and apparently some 0day. What? I'm certainly not starting to decipher that or compile and run it. p.s.: same should go for all the "x anounces y" where the posted link neither explains what x is nor what y is.
Well, to be fair it's rather easy to spot what this is doing. Looking at the last two lines of code: assert(!setuid(0)); return execl("/bin/bash", "-sh", NULL); It spawns a root shell, so it's (probably) a (local) privilege escalation.
Anybody could submit some unreadable C code that finishes up with setuid(0) and exec("/bin/sh") - it isn't interesting without an explanation of what it's doing.