Regarding this supposedly new Java Bug, if I have CIS, do I need to worry about this Java Bug or should I still uninstall Java? Also, if I have Comodo browsers(yes, I do have both CD and CID, Comodo Ice Dragon) do these browsers have enough protection in them where I may not be affected?
I was told by Comodo simply having CIS that you are protected already (ref to Comodo Facebook page). Uninstall java if you not using it. With regards to Comodo browsers I’m not sure.
Dragon browser has a function that asks you if you want to run the plugin on the page, so if that yellow bar appears.
Beware that if you chose or have chosen in the past for ‘Always’ that it won’t ask, for this you need to check Dragon → Settings → Show Advanced Settings → Privacy → Content Settings → Plugins → Manage exceptions.
For IceDragon/Firefox I’d recommend installing QuickJava add-on that allows you to enable/disable Java/Flash/Silverlight etc with a push of a button.
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I just had a strange Java crush on social networking site. So I disabled Java all together in CD. Warning: This may stop you going to such sites. But better be safe 
NoScript also blocks java, flash, and silverlight by default. These things can be enabled on a site-by-site basis, so I’d sooner recommend NoScript for this level of security.
Please update your Java 7 to the latest version, update 7,that just got released. It patches this problem.