Hi, this depends on the exploit's code, if it uses the stack/heap for the shellcode the CMF will detect this if it uses just preallocated memory CMF will not detect this. Actually this is not a BO in common meaning, but this can be detected by "on fly" signatures scanning. Exploits are generaly BO-exploits, but not in all cases, I saw many "popular" so called "exploits-suites" and ~20% of their exploits were not bugs (means BO holes) at all, just some insecure ActiveX methods or something like this.
What about in the specific case of, let's say, a call to calloc() fails (in other words, no memory is allocated but should have been), and then later on this (null) pointer has an offset added to it, and then the resulting memory location is written to? For example, if the calloc function in the example at
http://taossa.com/index.php/2007/04/15/bored-games/ fails, and setSquare is subsequently called, will CMF alert on the setSquare call that dereferences a null pointer+offset?