This patch is rated critical for all supported IE versions, except Windows 2003 Server IE6 (Moderate)
Not sure if it fixes all 22 holes still in IE, but read the bullitin what it does fix.
A number of security issues have been identified in Microsoft® Internet Explorer that could allow an attacker to compromise a Microsoft Windows®-based system and then take a variety of actions. For example, an attacker could run programs on your computer when you are viewing a Web page. This vulnerability affects all computers that have Internet Explorer installed. (You do not have to be using Internet Explorer as your Web browser to be affected by this issue.) You should help protect your computer by installing this update from Microsoft.