Seen it today and looked through the source(curious registry entries, opens all your mp3 mp2 jpeg, vbs,
js, css etc files and appends some text, creates some files in your system dir, may change your ie homepage, opens a self-generated web page, copies itself to all your ICQ contacts and then emails itself to everyone in your MAPI address book!!).
But the version I saw comes as a .txt.vbs attachment and replicates itself as such so only someone who a) cuts the .txt part out and imports it into excel and then runs it and b) has people who will do similarly daft things in his outlook addressbook will be able to spread it.