Linux 2.6.32 Centos 6.4 setuid() fail / security changes?

Somehow the upgrade process changed the perms on / to:

[root@host ~]# ls -alZ /
drw-r--r--. 42374 5031 system_u:object_r:root_t:s0      .
drw-r--r--. 42374 5031 system_u:object_r:root_t:s0      ..

Which was fixed with a

chown root:root / && chmod 755 /

A big help in narrowing the error space was instead running

strace perl -e 'use POSIX; POSIX::setuid(99);exec("id")'

Which showed perl's execve() call failing each time with EACCES as it tried all the $PATH dirs.