Apple has released Java for Mac OS X 10.7 Update 1 and Java for Mac OS X 10.6 Update 6. In both cases, the updates address about a dozen security vulnerabilities, including one that could allow an untrusted Java applet to execute arbitrary code outside of the Java sandbox. (Free, 62.53 MB and 75.45 MB)
Two Shortcuts for App Exposé
If you want to see all the windows for a particular app via App Exposé, there are two hidden shortcuts. For either, start by pressing Command-Tab to bring up the app switcher. Then, while still holding down the Command key, press either the 1 key or the up arrow. That puts you into App Expose mode, with all of an app's windows showing, and recent documents in a row across the bottom of the screen. Let up on the Command key, and then you can press Tab to cycle through all the running apps.
Java for Mac OS X 10.7 Update 1 and Java for Mac OS X 10.6 Update 6
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Special thanks to Gary Shackelford, Lynda Chiotti, Sonia Zighelboim,
and Adrian Deschepper for their generous support!
All that said, unless you actually use Java much, or run into Java on the Web a lot, this Java update probably isn't a really important thing to have.