I usually ignore most virus hype, but this one looks particularly nasty:

http://msnbc.msn.com/id/10684853/

Viruses embedded in images? That's no good.

Same as in this post but perhaps not everyone visits the Science & Technology forum, so a bit more prominence won't go amiss. Link 4 in the post leads to the F-Secure site and a reference to Ilfak Guilfanov's unofficial patch (top of page). Here's the link again:

http://www.f-secure.com/weblog/archives/archive-122005.html

I have installed the patch with no adverse effects, although I have read a report of Norton not working properly after its installation (I don't use Norton).

I just unregistered the DLL

I did have the dll unregistered but since applying the unofficial patch, I have re-registered it. The general opinion is that the patch does work and is the best option until an official fix becomes available from Microsoft. Typing 'wmf vulnerablity' into a search engine, produces lots of articles about the flaw. Reading a few of them should help everyone decide what is best for them.

EDIT:
New articles come out, others keep being updated. The one linked to below is worth a read in my opinion. Also, as I understand it, IE users only have to visit a web page with a malicious file in it for the malware to execute, so it's not only e-mail attachments that carry the threat (see the articles linked to in Science and Technology).

http://www.grc.com/sn/notes-020.htm

A Microsoft patch for this vulnerability is now available from Windows Update.