With the new standard coming (and parts already available in some compilers), the new type std::unique_ptr is supposed to be a replacement for std::auto_p
Herb Sutter has a nice explanation on GotW #89:
What’s the deal with auto_ptr? auto_ptr is most charitably characterized as a valiant attempt to create a unique_ptr before C++ had move semantics. auto_ptr is now deprecated, and should not be used in new code.
If you have auto_ptr in an existing code base, when you get a chance try doing a global search-and-replace of auto_ptr to unique_ptr; the vast majority of uses will work the same, and it might expose (as a compile-time error) or fix (silently) a bug or two you didn't know you had.
In other words, while a global search-and-replace may "break" your code temporarily, you should do it anyway: It may take some time to fix the compile errors, but will save you a lot more trouble in the long run.