"Most web application security experts frown on the practice of
passing session or authentication tokens in a URL through the use of
URL rewriting. Usually these tokens are passed between the server and
the browser through HTTP cookies, but in cases where users configure
their browsers to not accept cookies, this is impossible. Some web
application frameworks – including ASP.NET – will detect this condition
and revert to the cookieless URL rewriting method for passing session
tokens. For example, a user who requests the page
http://www.contoso.com/welcome.aspx would be redirected to
http://www.contoso.com/{SID}/welcome.aspx, where {SID} is that user’s
unique session identifier.
Again, most web application security
people will tell you that this technique is fraught with peril. It can
lead to session hijacking vulnerabilities (a man-in-the-middle sniffs
the session identifier out of the URL) as well as session fixation
vulnerabilities (an attacker creates his own session and tricks a
victim into using it)"
Read more: http://blogs.msdn.com/sdl/archive/2009/04/09/improving-security-with-url-rewriting.aspx