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Flash security has gotten so bad that security analysts can fully disclose a vulnerability patched only 2 months ago. There's been ~5 0day events since then so...
There have been 10 Linux kernel CVEs issued in the last 2 months. That includes 4 code execution and/or privilege escalation vulnerabilities. That's not even counting any 0 day's that are (probably) sitting in someone's toolbox.

The point being that this isn't a Flash/Microsoft/pick your target problem, but it's an industry wide, software engineering problem.

What do you mean a "pick-your-target problem"? I was referring to responsible disclosure.
Am I correct in saying that this bug is because the system library methods can be modified (and that the fix is to make them read-only)? If so, that seems like a huge oversight...

This somewhat reminds me of the quirk of old FORTRAN implementations which could cause the values of constants to be changed accidentally.