Microsoft's solution? Upgrade to IE8!
Redmond confirms that they are seeing targeting attacks against IE6, but no mention of IE7 except for the following:
Internet Explorer Protected Mode in Internet Explorer 7 running on Windows Vista helps to mitigate the impact of this issue.
Now, that's not quite the same thing as saying you're safe if you're running IE7. More to come, certainly.
The Microsoft Security Response Center blog entry is here.