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Testing is actually one of the reasons I don't like BIP 17; it is harder to test, because it is much easier to steal BIP-17 transactions if the network hasn't yet upgraded (Luke has had to test BIP 17 on the main network instead of testnet because I wrote a BIP-17-stealing robot and ran it on testnet).
I've spent the last couple of days running "transaction fuzzing" tests against both the new BIP 16 code and old clients; so far it has turned up no problems. "Fuzzing" means throwing lots and lots of random inputs at a program and making sure it deals with them properly; it is another good way of finding the "what do you know, we didn't think of that..." bugs.
The fuzzing tool is here:
https://github.com/gavinandresen/bitcoin-git/tree/fuzzer
Also RE: ghastly exploits:
Satoshi himself made changes to the way the scripting language works after a series of 'ghastly exploits' were discovered back in 2010 after the first slashdotting. I'm so stubbornly against BIP 17 because it basically reverts one of the changes he made (separating execution of scriptSig and scriptPubKey-- take that discussion to another thread in Dev&Tech if you want to argue more about it, please).