Java Runtime Environment (JRE) 5.0 Update 8 is available. That being so, we attempted to update via the Java Control Panel applet. The result was a prompt informing us that we had the latest version.
That seemed odd so we searched for details and discovered that Brian Krebs has written a very interesting article on the matter.
To sum it up: Installing a JRE Update doesn't remove the older versions of JRE that are installed. So, any older security issues remain installed as well. You'll want to manually uninstall the old version(s) before "updating".
If you have JRE installed, read Brian's column for more details.