I'll stay well clear of WhatsApp until they get this fixed!
The security holes seem to fit that nasty sweet spot where they are easy enough for someone to do, if they target you, but hard to do on a massive scale (matching IMEI/MAC to ph. no.), so it seems unlikely to me that users will actually experience problems. Unless it gets a reputation with users as hackable, this wont actually effect their success.
aka: how dumb things become wildly successful.
That said, what will effect success, and what is "right" are not always the same thing.
1. Re-install whatsapp on the same phone and same SIM : you have to go through the entire setup process again. You're asked for your phone number, whatsapp sends a sms to that number to confirm. If you had previous backup of chats, it restores that.
2. Insert SIM into a new phone, without whatsapp previously installed: Same as 1.
3. Change SIM in the same phone and whatsapp previously installed: Nothing changes. Whatsapp runs using your previous number and that is displayed to all the contacts. On re-installing, 1. is repeated.
If you change a SIM card in a phone it will keep using the same Whatsapp number
Sort of related, is there any way to get an activation code without a proper mobile number? I know I should try Twilio and other options first, but I did just try Google Voice and it didn't seem to work. I could be wrong though. So might as well try asking.
Edit: there is apps to download which shows your IMEI.