There is a persistent security issue only for a small subset of users. From
About the security content of OS X Lion v10.7.4 and Security Update 2012-002
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Description: An issue existed in the handling of network account logins. The login process recorded sensitive information in the system log, where other users of the system could read it. The sensitive information may persist in saved logs after installation of this update. This issue only affects systems running OS X Lion v10.7.3 with users of Legacy File Vault and/or networked home directories.
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Unless your setup includes either of the above, you don't need to do anything further.