When someone puts in an open ID at your site, you authenticate the user by going to the site where the user's open id lives (and only that site) and asking it if this user is okay. AOL can't validate a flickr open id, for example.
If the user is not currently authenticated at that site, authentication fails and you need to redirect to that site's login page. A real authentication still needs to happen.
So what changes for open id is that your site now needs to trust certain other sites- that they will accurately report status for their users.
Someone could set up a "malicious" open id provider, and try to skim off new ids that way, but that's between a user and the provider and such a provider wouldn't last long. A malicious provider would not be able to impersonate open ids that are registered with other providers.
A provider could also just always confirm any id passed to it for authentication. However, that would only effect users that registered with that provider. Any id registered with such a provider would be wide open, but if you use a different provider you would not be vulnerable. Again: such a provider wouldn't last long.