From the 'Time to Update' files:

VLC is among the most popular open source video players. According to the VideoLAN project, the 1.1.5 release has had 58 million downloads.

Now it's time for those 58 million downloaders to update to VLC 1.1.6, for some security, bug and stability fixes.

The security issue stems for a buffer overflow condition in the Real Media demuxer.

VLC can play Real Media -- in addition to just about any type of audio or video file format - which is what makes it such a powerful application for any platform - Linux or Windows (but apparently not iOS..)

There have also been some improvements made to KDE and PulseAudio integration as well.