The patch relates to an issue found in the way that IE handles object in memory and tables. The issue affects people running with Admin rights more than it does a standard user.
The flaw exists in the Active Template Libraries in Visual Studio. So someone could craft a malicious website with these and setup a drive by site. Once a user visits the site they could become infected based on a few known vectors in the way IE handles these objects.
The patch is recommended for all versions of IE including IE 8.
You can read the MSB here
