This is a new serious worm, dubbed the 2 a.m. worm.  The worm collects personal credit card information and makes online purchases around 2 a.m..  Experts indicate the worm spreads by sending messages to the users address book in the form of sexual advances.

Professor Greg Reise of MIT, first discovered the worm after it uploaded photoshopped party pictures to Facebook.

http://www.youtube.com/watch?v=xIVXo7Kl9EY

The US CIRT, SANS Internet Storm Center, McAfee, TrendMicro are obviously falling behind as they do not currently have any alerts posted.

I will update as more information becomes available. 

I've heard that google labs has a defense feature already in testing to protect the address book from the worm's attack.