The OpenSSL team announced seven vulnerabilities covering OpenSSL 0.9.8, 1.0.0, 1.0.1 and 1.0.2 (i.e. all versions) earlier today.
The most serious of these is a potential man-in-the-middle attack CVE-2014-0224 which is being referred to as CCS Injection. Both Google's Adam Langley and the original reporter of the problem have write ups that give more technical detail.
We have applied the required patch to all CloudFlare servers and customers are protected against CVE-2014-0224 and all the other vulnerabilities announced today.
Everyone who uses OpenSSL in their software or on their server should upgrade as soon as possible; the OpenSSL team has released new versions today.