Is Java 7 still insecure? Oracle patch doesn't fix underlying vulnerability

An in-the-wild exploit targeting a vulnerability with Java 7 has led to security experts the world over warning users to disable the Java plug-in for their browser clients at the very least, and preferably uninstall Java altogether. The CVE-2012-4681 vulnerability, comprising two flaws, along with a couple of other 'related vulnerabilities' has now been patched by Oracle which strongly recommends users apply the updates as soon as possible. Security Explorations, the Polish security company that first notified Oracle about the vulnerabilities many weeks ago, is less convinced.