zebz: The user would not be able to create a directory outside the namespace where he/she would be able to modify its contents. One can't create a directory that becomes apache-owned unless one owns the parent directory.
Another security risk: since files created by apache are owned by apache, a user could call the fputs function and output PHP code to a newly-created file with a .php extension, thus creating an apache-owned PHP script on the server. Executing that apache-owned script would allow the script to work with files in the apache user's namespace, such as logs. A solution would be to force PHP-created files to be owned by the same owner/group as the script that created them. Using open_basedir would be a likely workaround to prevent ascension into uncontrolled areas.