Running 64-bit Linux? Haven't updated yet? You're probably being rooted as I type this.
C'mon now. As others have pointed out, and has been mentioned earlier on /., this is a local root exploit. It's bad, it affects a lot of users (in theory), but to write this is to simply spread fear for most of those using Linux.
Why? Because the systems that inexperienced users run also happen to be those with a few, generally trusted users. Think netbooks. Sure, all local root exploits are bad and should be patched asap. But that doesn't mean "you're probably being rooted as I type this". It means that a remote attacker needs user-level privileges (say, with a browser or plugin vulnerability) first. Since Ubuntu and probably other major distros have already patched this, and the default settings for updates on these systems is to check fairly frequently, most end users will have the patched kernel quickly.
That leaves multi-user systems. The admins of these servers certainly benefit from finding out about the vulnerability asap, and they did (including through previous stories here). By now, though, most admins should have something in place if they don't have full trust in their users. If they don't, they should definitely be looking at whether this was exploited.
The bottom line is that there are many local root exploits which come out every year. This is the latest one, with a patch already available. Responsible admins of multi-user systems are used to dealing with this, and home users are almost certainly going to be patched before it causes any issues. For them, the latest Flash vulnerability is more worrisome. Even the extremely rare remote exploit of a service isn't usually an issue, since most modern distros don't start much of anything by default (including ssh, IIRC).