Microsoft has released a security advisory (2896666) stating that they are “investigating private reports of a vulnerability” but so far have not made any patches available. They are instead suggesting that you disable the TIFF codec altogether in the registry. Given the prevalence of enterprise software (e.g. fax viewers) that require support, I hardly think it is an adequate solution. I have waxed lyrical in the past on Microsoft’s continued inability to fast track patch releases, so I will say no more. I admit that this seems a very exotic vector, but given that so much software (including Outlook) would potentially automatically load a preview of an attachment that is an image, I can imagine that this threat could be trivial enough to exploit.
Seems like what is old is new again. I recall MS09-062 was much of the same around about four years ago.