Many people (including the Securing Debian Manual) recommend mounting /tmp with the noexec,nodev,nosuid set of options. This is generally presented as one element of a 'defense-in-depth' strategy, by preventing the escalation of an attack that lets someone write a file, or an attack by a user with a legitimate account but no other writable space.
Over time, however, I've encountered arguments (most prominently by Debian/Ubuntu Developer Colin Watson) that noexec is a useless measure, for a couple potential reasons:
The user can run /lib/ld-linux.so <binary> in an attempt to get the same effect.
The user can still run system-provided interpreters on scripts that can't be run directly
Given these arguments, the potential need for more configuration (e.g. debconf likes an executable temporary directory), and the potential loss of convenience, is this a worthwhile security measure? What other holes do you know of that enable circumvention?