Adobe Reader has a new patch, moving it to a current release of 9.4.4. This is not on their announced schedule of matching the Microsoft second-Tuesday patch release calendar. This patch requires a system reboot.
According to the Adobe release notes:
These updates resolve an integer overflow vulnerability that could lead to code execution (CVE-2010-2862).
These updates further mitigate a social engineering attack that could lead to code execution (CVE-2010-1240).
These updates incorporate the Adobe Flash Player update as noted in Security Bulletin APSB10-16.
Translation into non-technobabble: Without the patch, bad guys can run their programs on your computer, including malware installers.