Venom vulnerability: toxic threat or hissing hyperbole?

Reports of the undoubtedly serious 'Virtualized Environment Neglected Operations Manipulation', or 'Venom', vulnerability have suggested that cloud security is now broken and even that this is a perfect spy tool for the National Security Agency (NSA). But putting the Heartbleed-level hyperbole aside for one moment, just how real a threat is venom to the virtual machine environment?