Yours truly was hit with the motherload yesterday (2009-01-05) after performing a search in Google and landing on a site that sent Firefox into a slight coma for about 10 seconds. When it recovered, the nastiness began. Everything that tedster outlined happened to me. I've spent the better part of the last 14 hours scanning, removing, chasing, uninstalling, etc. I've almost go it off the system, there is one last piece somewhere and it looks like my scan just finished. Darn, 4 more objects found. This thing dropped trojans all over the place. It disabled ALL of my detection software and went to town. I had to delete the iexplore.exe which allowed me to get into the system and start doing cleanup. If that iexplore.exe is on your system, get rid of it first or it will continue to phone home every 30-60 seconds.
Oh, this thing is nasty. And, it's my first time being hit with Malware. I've worked hard to prevent this type of thing from happening. It has totally wiped out all the detection software I had in place, had to uninstall all of it.
Still cleaning up... :(