I read the same just a bit ago. If you think your Mac is affected, follow the instructions to determine if it is.
My understanding of the variant is it will still present a dialog asking for admin password. The bad part is if you don't enter anything, it still loads (though differently than if you did enter it. If you've never had a suspicious dialog come up, you probably are fine (it also depends on which sort of sites you frequent - as always).
In any case, yesterday Apple issued a patch to the Java VM for both 10.7 and 10.6.