These "security researchers" are actually quite clueless.
You must have some nerve to say that about the Matasano (and SecurityFocus) people. But hey, you saying that helps to put the sum of your knowledge in context.
Yes, giving a malicious person access to a guest account on your Mac is dangerous.
Aha, so you know who is malicious and who isn't. That must make things certainly easier. In fact, if you know that, you could argue that you don´t really need much security.
I can hand my MacBook switched to a guest account to the grandchildren, and I know that they won't delete all my files by accident (friend of mine lost significant amounts of music in iTunes to his then three year old granddaughter), or on purpose.
Oh, I see. So you were only referring to security like "the children won´t be able to delete my files accidentally".
All clear, then.