Thanks to divinatum for the heads up...
Apple has released QuickTime 7.0.1 for Mac users. This update provides several important bug fixes, a security enhancement, and improved compatibility with Final Cut Studio. This update is recommended for all QuickTime 7 users. The update is available via Software Update in Mac OS X or you can download it by going to the QuickTime website.
Still no Windows version of QuickTime 7...