Apologies if this is already answered in the whitepaper, I'm not going to get chance to read it for a few days due to a hectic schedule, but I am already fielding questions from non-techies reading non-technical media news stories making them believe that we should unplug everything and go back to trading gold.
What I understand (and please correct me if I'm wrong) is that this essentially allows attackers to set up a MITM attack by forcing a new handshake between devices (yes, that's dumbed down), and that this is a flaw in the basic implementation of the encryption protocol, so it will require a firmware update to fix (yay for helping elderly family and neighbours update the firmware on their routers).
I don't see how this would also invalidate the encryption used as part of TLS, but I'm far from an expert on this.