IPhones shouldn't have that bug, since they use a completely different operating system.
Second... yes, it's a serious issue, but it only disables the Android device, as opposed to stealing the information stored on it.
MtnGoat: Despite my profession being software programming and database administration, I never carried a cellphone during my first three years of college, despite needing a weekly carpool to attend ROTC at a different campus (by the time I got a cellphone, I was no longer in ROTC). I've never had a smartphone/iPhone, and my first Android device was issued to me by my current boss for the purpose of programming it for use by other employees. If I need to do something other than contact (or be contacted by) someone, my laptop is up to the task. If there's no freely-available Internet where I'm going, I plan ahead (download maps, copy transportation schedules, etc). Most basic cellphone plans cost about $20/month, but I've kept mine close to $6/month while I was in the US, and close to $12/month on average ever since I arrived in Israel over 2 years ago (the difference is in the billing, not the usage). It can be done.
My wife (also a programmer, among her many talents) says I'm the only programmer she knows who is also a Luddite. I tell her that I chose my profession to get a deeper understanding of the enemy.