I also posted this info on photo.net. It may have flown under the radar for many of you. I understand there are also similar security updates for earlier versions of Internet Explorer, and for Windows Vista as well as XP:
For what it's worth, Microsoft has a security update for Windows Internet Explorer 7 which they refer to as "urgent", a term which I don't think they use lightly. You can get details at http://www.microsoft.com/protect/computer/updates/bulletins/200812_oob.mspx. If you're set up for automatic updates, you may already have it.