Security Update 2008-003 / Mac OS X 10.5.3 is an important one for a few reasons, but relevant here are some exploits that have existed for a bit which Apple patched:
Apple Pixlet Video
CVE-ID: CVE-2008-1577
CoreGraphics
CVE-ID: CVE-2008-1031
Flash Player Plug-in
CVE-ID: CVE-2007-5275, CVE-2007- 6243, CVE-2007- 6637, CVE-2007-6019, CVE-2007-0071, CVE-2008-1655, CVE-2008-1654
Image Capture
CVE-ID: CVE-2008-1571
Image Capture
CVE-ID: CVE-2008-1572
It's always good to wait a week or so for the dust to settle whenever you update a production Mac (ie..a Mac that you use to make money with or use for an important project) but afterwards if the discussion boards are clear-ish go ahead and update.
macbook pro P2 users are having issues with their duel system adapters no longer working and causing kernel panics, so watch out for that with 10.5.3
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