The Huffington Post has this:
All a moderately-skilled iPad user has to do is connect the iPad to his laptop, search inside the iPad files with a common managing software (we used iPhone Explorer), copy the .plist file that manage the download information and correct a single field. This boils down to changing a single word: Where it says “purchasable” you write “viewable” instead, and copy back the file on the iPad. Now all you need to do is click on “delete” the magazine issue on the iPad app and a “download” button will appear instead of the “buy” button. It means you can download the magazine for free.
If true, someone needs to work on their security. Who?
Adobe manages Condé Nast iPad apps — wrote us they are “very concerned by piracy issues”. “”We have confirmed that it is possible for experienced users with detailed instructions to access some digital publications on the iPad that have not been purchased. We are working on a fix and expect to deliver a new version of our Digital Content Viewer to publishers on Friday, October 8”, an Adobe sposkesperson said.
Yeah, according to the Huffington Post, the hole is still open. Italian papers are also affected.