Here are examples of the requests it's sending:
GET /msadc/..%255c../..%255c../..%255c/..%c1%1c../..%c1%1c../ ..%c1%1c../winnt/system32/cmd.exe?/c+dir
While writing this story I was hit a total of 4 times, 16 GET attempts per attack. In only 4 minutes. Also of interest, My desktop has now been hit about 500 times today, all from 208.x.x.x IPs. This might be really bad. I still haven't read anything about this anywhere else, so you heard it here first ;)
Update Web servers compromised by this worm apparently attach a "readme.eml" to all web pages served... and due to a bug in IE5, it will automatically execute the file! Yay Internet Explorer!