No doubt our Mr V (and others) have been recently "nagged" to update their Adobe Flash.
The short answer to this one is
YES YOU MUST.
There is a rather nasty zero day attack out there that hides itself in Excel files, Word files and innocent looking images of hearts. The exploit gives people remote control of your computer and also harvests passwords whenever you login to stuff.
If you are not running flash 12.0.0.44 or later, you are vulnerable.
This is a cross-platform exploit... Windows, Mac & Linux all need to be patched up.
Go here on the Adobe website to figure out what version of Flash you have and find a link to an update.
For those of you who want the technical nitty gritty, this one was discovered by Kaspersky, so details can be found on their blog
here.