From further research, I've found:
http://dev.mysql.com/doc/refman/5.1/en/news-5-1-11.html
Security Fix:
An SQL-injection security hole has been found in multi-byte encoding processing. The bug was in the server, incorrectly parsing the string escaped with the mysql_real_escape_string() C API function.
This vulnerability was discovered and reported by Josh Berkus and Tom Lane as part of the inter-project security collaboration of the OSDB consortium. For more information about SQL injection, please see the following text.
Discussion. An SQL injection security hole has been found in multi-byte encoding processing. An SQL injection security hole can include a situation whereby when a user supplied data to be inserted into a database, the user might inject SQL statements into the data that the server will execute. With regards to this vulnerability, when character set-unaware escaping is used (for example, addslashes() in PHP), it is possible to bypass the escaping in some multi-byte character sets (for example, SJIS, BIG5 and GBK). As a result, a function such as addslashes() is not able to prevent SQL-injection attacks. It is impossible to fix this on the server side. The best solution is for applications to use character set-aware escaping offered by a function such mysql_real_escape_string().
However, a bug was detected in how the MySQL server parses the output of mysql_real_escape_string(). As a result, even when the character set-aware function mysql_real_escape_string() was used, SQL injection was possible. This bug has been fixed.
Workarounds. If you are unable to upgrade MySQL to a version that includes the fix for the bug in mysql_real_escape_string() parsing, but run MySQL 5.0.1 or higher, you can use the NO_BACKSLASH_ESCAPES SQL mode as a workaround. (This mode was introduced in MySQL 5.0.1.) NO_BACKSLASH_ESCAPES enables an SQL standard compatibility mode, where backslash is not considered a special character. The result will be that queries will fail.
To set this mode for the current connection, enter the following SQL statement:
SET sql_mode='NO_BACKSLASH_ESCAPES';
You can also set the mode globally for all clients:
SET GLOBAL sql_mode='NO_BACKSLASH_ESCAPES';
This SQL mode also can be enabled automatically when the server starts by using the command-line option --sql-mode=NO_BACKSLASH_ESCAPES or by setting sql-mode=NO_BACKSLASH_ESCAPES in the server option file (for example, my.cnf or my.ini, depending on your system). (Bug#8378, CVE-2006-2753)
See also Bug#8303.