We have installed the latest Magento security patch supee - 8788 on several of our customer's Magento sites.
It seems that Magento V1.6 is a little problematic as it is dependant on a previous patch being installed which is unavailable for Magento 1.6, however, we managed to get it working successfully.
Our installation service includes a full backup and a full check on previous patch installations.
This is a critical patch for Magento and addresses around 20 issues in total, it is advised that this patch is installed as soon as possible and on installation there are several areas that will need to be tested. We will list these in a following blog post.
Magento - It is nice to see a more planned approach with regards to the bundling together of several issues into a patch release.