I know there are already a few questions on SO about the oracle padding exploit but none of them explain how it downloads the web.config. I run a couple of ASP .NET apps which I
Guys - the answer is that once they have obtained the machineKey, they can use that key to fetch the files using another feature in ASP.NET
"In ASP.NET 3.5 Service Pack 1 and ASP.NET 4.0 there is a feature that is used to serve files from the application. This feature is normally protected by the machine key. However, if the machine key is compromised then this feature is compromised. This goes directly to ASP.NET and not IIS so IIS's security settings do not apply. Once this feature is compromised then the attacker can download files from your application - including web.config file, which often contains passwords.
Versions of ASP.NET prior to ASP.NET 3.5 SP1 do not have this feature, but are still vulnerable to the main machine key attack."
(see the post at the bottom of here: http://forums.asp.net/t/1603799.aspx from the asp.net team)