Today we released security update MS11-056 to address vulnerabilities in the Windows Client/Server Runtime Subsystem (CSRSS) and Console Host (conhost.exe). We also closed an internally found elevation of privilege attack vector on Windows 7 and Windows Server 2008 R2, significantly reducing the opportunity for any console issues discovered in the future to result in elevation of privilege on those platforms.
What’s the risk?
An attacker already able to run code on a system could use the vulnerabilities addressed in MS11-056 to elevate privileges on the system. On Windows XP and Windows Vista systems, an attacker able to execute code at a low privilege could potentially execute arbitrary code as SYSTEM within the context of the Client/Server Runtime Subsystem. On Windows 7 and Windows Server 2008 R2 systems, the affected code was moved to a different process (conhost.exe) running at the same privilege level as the logged-in user.  Therefore, an attacker could potentially execute arbitrary code in the context of another Console Host process if there is a higher privileged process with a console.
The vulnerabilities are caused by insufficient validation of specific console API messages. On Windows XP and Windows Vista, the handling of Console API messages happens inside the Client/Server Runtime Subsystem, while on Windows 7 and Windows Server 2008 R2 a separate conhost.exe process is created running with the same credentials as the associated console application. 
Internal research discovered a scenario on Windows 7 and Windows Server 2008 R2 in which a memory corruption issue inside Console Host still could lead to elevation of privileges. MS11-056 fixes the memory corruption vulnerabilities on Windows XP and Windows Vista and also closes this cross-user scenario on Windows 7 and Windows 2008 R2. Console Host memory corruption issues on Windows 7 and Windows Server 2008 R2 should now result “worst-case” in code running in the same context as the attacker already able to execute code directly.
-Richard van Eeden, MSRC Engineering