That's interesting because I'd expect the crack to be above the weld, through the thinner metal of the seat-tube. I suspect that the BB shell isn't cracked through but that the weld has broken away from it. In other words, the weld at that point is faulty. Similar to but different from chrisN's example (where the seat tube has cracked).
Unlikely it would fail catastrophically; you'd notice a strangely wobbly feel to the bike when the seat tube finally detached.