I read the source code of programs I use often, mostly for learning purposes. The first thing I do when I want to evaluate the security of a program I don't trust is look at the system calls it performs, especially those related to I/O.
Since I don't need to reverse engineer binaries, open source code allows me to spot malicious code much faster. More importantly, it allows me to more easily remove that code from the program.
The rate of vulnerabilities caused by honest mistakes is probably the same.