FYI removing the games from steam does not remove Uplay
On Win7: Control Panel -> Programs and Features
Find 'UBISOFT GAME LAUNCHER' and hit uninstall above the list
Pretty loving stupid how he went and posted it instead of telling Ubisoft directly. Not saying they should have had a chance to hide the whole thing, but they should at least have had a couple of weeks to patch it before people found out - this only enhances the chance it will be abused. Hell, he even posted the code itself, so any skiddy with a domain can do it.
That said - this is not a rootkit, it lets them run any executable that's already there but they can hardly "take over your computer" with that alone. And if they've got a way to get executable code onto your machine at all you have bigger problems than Uplay. You can also stop the execution by closing Uplay when it opens, and since it's a bloated piece of stuff it takes a few seconds to start up before it can run the game, so it's not exactly stealthy either. This isn't nearly as dangerous as anyone makes it out to be, but it is incredibly stupid of Ubisoft to be allowing arbitrary executable choice.