1. The issue only exposes 64k at a time. Let's assume that the average enterprise application has at least a 1G footprint (and that's actually on the low end of most applications I work with). That's 1,048,576K. At best, this means that this exploit can access 0.006% of memory of an applications memory at one time.
Ahh you say, I will simple make 16,667 requests and I will retrieve all the memory used by the application.
2. The entire basis of this issue is that programs reuse memory blocks. The function loadAllSecrects may allocate a 64k block, free it and then that same block is used by the heartbeat code in question. However, this code will also release this same block which means that the block is free for use again. Chances are very good (with well optimized code), that the heartbeat will be issued the same 64k block of memory on the next call. Multi-threaded/multi-client apps perturb this but the upshot is that it's NOT possible to directly walk all of the memory used by an application with this exploit. You can make a bazillion calls and you will never get the entire memory space back. (You're thinking of arguments to contrary, your wrong... you wont.)
Congratulations, much success... you have 64k internet.
3. Can you please tell me where the passwords are in this memory dump:
There will be contextual clues (obvious email addresses, usernames, etc) but unless you know the structure of the data, a lot of time will be spent with brute force deciphering. Even if you knew for a fact that they were using Java 7 build 51 and Bouncy Castle 1.50, you still don't know if the data you pulled down is using a BC data structure or a custom defined one and you aren't sure where the boundaries start and end. The fact that data structures may or may not be contiguous complicates matters. A Java List does not have to store all members consecutively or on set boundaries (by design, this is what distinguishes it from a Vector).
Long story short. Yes, there is a weakness here. However, it's very hard to _practically_ exploit... especially on a large scale (no one is going to use this to walk away with the passwords for every gmail account... they'd be very, very lucky to pull a few dozen).
This doesn't excuse developers from proper programming practices. It's just putting "Heartbleed" in perspective.