Phones running Windows Phone 7 are not affected by this vulnerability.
This announcement comes while device manufacturers, technology providers, and vendors are revealing all their latest and upcoming additions to the mobile market at the ongoing Mobile World Congress 2012.
The vulnerability affects any phone that is running a Webkit mobile browser, which for Android, iOS, and Blackberry, is the default mobile browser. Microsoft chose to continue using their own Internet Explorer web browser, and is subsequently unaffected by this vulnerability.
For those affected by this vulnerability, the only thing you can do until a patch comes out, is avoid clicking on links whether it be through your browser, or from an SMS sent to your phone. And for those iPhone users who previously thought that Apple products were "un-hackable", i suspect there you will be specialized counselors coming soon to a "genius bar" near you that can help you come to terms with this earth-shattering realization.