Adobe has issued a Security Advisory for its Flash Player on most platforms: Windows, Macintosh, Linux, and Solaris. And Adobe Reader and Acrobat on Windows and Mac.
And we're included! Yes, Flash Player 10.1.92.10 for Android is also subject to the exploit. CVE-2010-2884 could cause a crash and allow a hacker to take control of the system. There have been reports of active exploits against Windows users using Flash Player.
Critical is the highest level of severity Adobe uses in its advisories. They define critical as "A vulnerability, which, if exploited would allow malicious native-code to execute, potentially without a user being aware." Definitely not a good thing. Be careful out there, Froyo users.
Given the severity of this potential problem, there should be a fix in the works soon. We will definitely be following this one.