The fix is in the works. Oracle says that they will be releasing the fix on Tuesday. http://www.pcworld.com/article/2025171/oracle-says-java-update-coming-tuesday.html

I wouldn't be any more apprehensive about the Java issue than problems with any other software. MS has smaller fixes every Tuesday and the occassional major fix that is just as exploitive as this Java issue. Obviously, Homeland Security has a zero tolerance for this type of problem, your personal computer is much less at risk.

BTW, this flaw is in the JDK7 (Java Development Kit) version of the software and it "does not affect Java applications directly installed and running on servers, desktops, laptops and other devices," the company said. If you aren't a software developer, you won't have this installed on your computer and this won't be an issue for you.