Adobe has already released an update of Flash player, they are expected to release the Reader Update on 8/19/2010. These vulnerabilities were the ones discussed and presented at Black Hat. Users and administrators should save the date.
The update is out, users should select Check for Updates and install the patch right away. Also make sure to update your latest version of Air and Arobat.com.
http://blogs.adobe.com/psirt/2010/08/security-updates-released-for-adobe-reader-and-acrobat.html