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It’s worth updating immediately. The flaw exposes you to potential man in the middle attacks, by skipping validation checks when SSL/TLS connections are being established. As Apple puts, it: "An attacker with a privileged network position may capture or modify data in sessions protected by SSL/TLS. ... This issue was addressed by restoring missing validation steps."
Oh, and it’s been around since September 2012, apparently, since iOS 6 is also being patched. To see if your device is vulnerable, you can test it out at https://gotofail.com