You do know that to be able to exploit it you have to know the application's secret key, so you can create your own malicious encrypted session cookie that includes hashes instead of strings for the auth token lookup?
You do know that if someone has your app's secret key they can just write whatever they want into the session cookie, instantly compromising a large number of apps anyway? That's the whole point of the secret key!
This is an obscure issue which can be used to get around one layer of defense in rails security. It could never get around all of them. It requires intimate in-depth knowledge of the app to even attempt the exploit. Sure, it's a bug, and it's not to be taken lightly, but the howls of derision here are totally out of proportion.