For one thing, the code has rather frightening constructs such as:
call("sx rawscript [ %s ] [ %s ] | sx set-input txfile.tx %s > signed-tx" % (signature, pubkey, input_index))
I would not in the least bit be surprised if there is either a shell exploit already present, or there will be one in the future. In addition there is no license for the code, and it depends on sx/libbitcoin with are AGPL licensed.
About calling external functionality through the shell, we're very aware this is a very dangerous practice, and are working towards more direct access to the libbitcoin functionality for all languages (https://gitorious.org/libbitcoin-bindings or new electrum like protocols implemented for all languages and easy to use) so these dangers won't exist. Just for the proof of concept this is the way that works now for us to keep testing and developing. We welcome all security auditing and will refactor the code to make security more explicit.
Please keep analizing the code and providing feedback, its really appreciated!.
Cheers!