A security flaw was found in ucd-snmp / net-snmp package. The snmpd daemon used to run with user / group privileges of a privileged user (root). An attacker could use this flaw for potential privilege escalation. Note: Successful exploitation of this flaw / privilege escalation would require that additional (highly unprobable) requirements are simultaneously met.
The Red Hat Security Response Team has rated this issue as having low security impact, a future update may address this flaw. More information regarding issue severity can be found here: http://www.redhat.com/security/updates/classification/
I don't think this should be tracked as security flaw. snmpd is run as root by default, as root privileges are required to obtain certain information served to SNMP clients by the daemon. This default can be overridden by -u / -g command line arguments, which specify UID / GID under which snmpd should be run. snmpd init script in Red Hat Enterprise Linux 4 and later allows specifying snmpd's command line options in sysconfig file without a need to modify init script itself - /etc/sysconfig/snmpd.options on Red Hat Enterprise Linux 4 and 5, /etc/sysconfig/snmpd on current Fedora versions.