F-secure has a FAQ about the 2 vulnerabilities:
http://www.f-secure.com/weblog/archives/00002004.html
1) It sounds very serious, and affects all iOS devices, including the Touch.
2) There are zero reports of malicious attacks so far.
3) Don't open PDFs, period-not from email, web, or instant messenger until Apple releases a patch. (I've heard possibly this Monday or Tuesday, actually)