Adobe Systems Inc. issued an alert Wednesday, warning users of Flash Player on Linux systems that a vulnerability could allow an attacker to take control of an affected system.
The flaw is in Adobe Flash Player for Linux **10.0.12.36 **and Adobe Flash Player for Linux 9.0.151.0. An attacker could exploit the flaw by passing a malicious Shockwave flash SWF file.
Fix you flash by updating it : Adobe - Adobe Flash Player
Source : Adobe issues warning for Linux users
Pretty soon Linux users will need to run anti virus/malware programs like Apple recently recommended for Mac OS. Then some of the lamish quotes like “Linux is the best AntiVirus for Windows users” will stop 
What does linux have to do with an exploit in Adobe’s code?
Whatso ever Linux won’t be as polluted as Windows Even if it does , linux still doesn’t have BSOD and frequesnt crashes as Windows does ..
Apart from that previous year there was Hacker conference/contest in which Linux was the only OS left intact while other were easily hacked..
More news on the same topic Adobe Updates Flash Player to Fix Huge Security Hole - Linux Magazine Online
Even with this bug i doubt privilege escalation would be possible. Still lot of damager could be done by user level priveleges too. Most distrib warn/prevent users to run desktop manager as root by default.
To be honest a newuser will never find how to run and full desktop as root user
Like it’s mentioned in the first post, the exploit can lead to a compromised system and it’s running on Linux…
You’re in Noida? Don’t work for Adobe by any chance, do you? 
thanks for the update.time to move on to swfdec ..
Actually speaking.. tis is an indication that Linux is catching up…
Thy have started writing viruses since they hve come to know that the linux base is worth to be attacked.. 
Actually it just means that there is a vulnerability. The news doesn’t imply that someone actually wrote a virus for it. It just means that some one can write a virus if he wants.
Adobe - Security Advisories : APSB08-24 - Security update available for Linux Flash Player 10.0.12.36 and Linux Flash Player 9.0.151.0 Finally the official announcement
That would have happened sooner or later as the adobe flash is a binary, try looking at swfdec as well as gnash, both are good options for watching flash on the web.