From Slashdot:
For more information, read here.
clsc writes "The exploit: Redirect via 302 to another page of your choice, then watch as the URL of your your redirect script replaces the URL of that carefully selected page in Google's search results. Once this happens, feel free to redirect any visitor that is not Googlebot to any other page of your choice. Also applies to other search engines as well (not Yahoo! though)."
For more information, read here.