This is a big deal because it's remotely exploitable. But it's only exploitable remotely if you are running a network daemon that somehow invokes bash and sets environment variables without sanitization. Web sharing, SSH in some instances, a few MTAs.
The average user PROBABLY isn't running a daemon that is vulnerable. Though in some cases, you may be and not know it (like if you had turned on Web Sharing at some point)
All of this is not to say that if you can apply the patch, do it.