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Well, it would shield against simplistic attempts at exploiting setuid binaries, certainly, but beyond that its effectiveness would probably be limited, especially as it became more widely known.

Another interesting strategy, particularly in the age of widespread use of VMs and containers, might be to extend the basic idea of ASLR beyond address space. Randomize paths and filenames and system call numbers, for example. You'd need to build all your binaries yourself, of course, and run scripts through some sort of mangler (for maximum effectiveness, do this per-VM/container). You'd want to encrypt non-user-visible strings, too.

There'd be a lot of tooling work necessary to make this practical in the real world, of course.

(Edit: Just found this, which looks relevant: http://research.microsoft.com/en-us/um/people/helenw/papers/... )

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