Java IS flawed, period. And this "kerfuffle" won't die down as malware writers are increasingly targetting it in preference to Windows itself.
However, if you are browsing the web, you probably need it. Especially if you shop online, bank online, pay your bills online, play games online......
The suggestion of using Flash instead is a non-starter: that has a completely different set of uses, and is not an alternative product. Also, its just as flawed and vulnerable as Java
To try to be secure, you need to have installed the latest version of Java, and ensure thats the only version installed, unless you need an earlier version for a specific piece of software. Most home users don't.
Make sure you have up to date reputable security software (McAffee and Norton are not reputable in my book).
And most importantly - practice safe browsing. Browsing and sex are similar in that if you take risks, then both will give you a pox