All software has bugs and security holes. The thing is that we haven't found them all. Its a constant game of cat and mouse which will never end.
Java has had a lot of bad press recently, but that doesn't suddenly make it useless. In fact, all it does is improve it as an identified hole is usually a fixed hole.
What is happening at the moment is that instead of reporting these issues to the vendor and giving them time to fix, people are throwing stuff out into the wild immediately for either fame or fortune.
The real issue here is an ethical one I.e the ethics are non existent for a recently larger proportion of the hacking community. Perhaps a bold statement, but they give all of us a bad name and should be chucked in jail.