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According to the security bulletin Oracle released, this patch addresses the following:

These vulnerabilities may be remotely exploitable without authentication, i.e., they may be exploited over a network without the need for a username and password. To be successfully exploited, an unsuspecting user running an affected release in a browser will need to visit a malicious web page that leverages this vulnerability. Successful exploits can impact the availability, integrity, and confidentiality of the user's system.
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“When combined with some of the Apr 2012 issues, the new issue (number 32) reported to Oracle today allows to achieve a complete JVM sandbox bypass in the environment of latest Java SE 7 Update 7 (version that was released on Aug 30, 2012).”