Microsoft updated its advisory (KB 912840) this morning with the below information.  For those in academic environments, this may actually work in your favor as students will be coming back after the supposed release date. 

For corporate environments, IT Staffers are going to have to make a risk assessment.  What would be cost to your company if you are compromised between now and January 10 if the update is released as mentioned?  Can you really afford to do nothing?  Are you willing to gamble that unregistering the dll is sufficient or do you go with defense in depth and apply the unofficial patch?   You make the choice.

'Microsoft has completed development of the security update for the vulnerability. The security update is now being localized and tested to ensure quality and application compatibility. Microsoft's goal is to release the update on Tuesday, January 10, 2006, as part of its monthly release of security bulletins. This release is predicated on successful completion of quality testing.

The update will be released worldwide simultaneously in 23 languages for all affected versions of Windows once it passes a series of rigorous testing procedures. It will be available on Microsoft's Download Center, as well as through Microsoft Update and Windows Update. Customers who use Windows' Automatic Updates feature will be delivered the fix automatically.

Based on strong customer feedback, all Microsoft's security updates must pass a series of quality tests, including testing by third parties, to assure customers that they can be deployed effectively in all languages and for all versions of the Windows platform with minimum down time.

Microsoft has been carefully monitoring the attempted exploitation of the WMF vulnerability since it became public last week, through its own forensic capabilities and through partnerships within the industry and law enforcement. Although the issue is serious and malicious attacks are being attempted, Microsoft's intelligence sources indicate that the scope of the attacks are not widespread."