On scan.coverity.com, the nice guys at Coverity run scans on open source projects to check for flaws in their source code. Their list currently includes 265 projects, and curl is one of them. I have only good words to say about their scanning, as they found no less than 27 flaws in curl 7.16.1 and only one of them was a false positive. All the others were valid and true flaws that we could fix. I don't think anyone was any serious security risk, but still. 26 bugs detected in one go.
On January 8th 2008, Coverity announced their "rung 2" for eleven projects that had zero flaws left in rung 1 and the rung 2 projects get an upgraded analysis. curl was also at zero flaws left, but it isn't clear to me what else we could to do to reach rung 2 or even how we can get them to do a follow-up scan on a newer release since 7.16.1 is quite old by now and with all the changes in the code over time there's always the risk new nasty bugs have crept in... So we're at rung 1 still with no recent release scanned.