With the latest security holes coming to light, many are recommending removing Java entirely from your system. If you don't want to go that far, here are some things you can do.

Alternatively, you could uninstall Java from your system, provided you don’t need it for some particular application or website that’s important to you.

Java for OS X Lion 2012-003 delivers Java SE 6 version 1.6.0_31 and supersedes all previous versions of Java for OS X Lion.