This worm uses the same RPC vulnerability to propigate as MSBlaster did, but like it's been said once the payload is delivered, it downloads the RPC patch, installs it, the computer will reboot, then it attempts to scan ports to find the WebDev Vulnerability in IIS 5 and propigate.
It DOES delete the MSBlaster worm.
It IS set to check the date / time, and if it's past Jan 1st, 2004, the worm will deactivate and delete itself.