Apple has released new security updates for Mac OS X. The updates address a variety of issues including vulnerabilities in the Adobe Flash Player, AppleRAID, BIND, FTP, the kernel and various sub-systems. Successful exploitation of these issues could lead to system access, privilege escalation, Denial of Service issues, etc.
All users are strongly encouraged to update to Mac OS X 10.4.11 or apply Security Update 2007-008.
Full details can be found in the original Apple advisory: