Researchers have announced they can crack WPA in 12-minutes. Some people wonder if WPA2 will soon be next.
It won't be. WPA was always known to be a weak hack, WPA2 has always been known to be secure. The reason for the compromise was that that hardware didn't support the AES encryption in WPA2, so a weaker crypto was needed to fix the obvious flaws with WEP without requiring a hardware upgrade.
The original WEP was based upon the RC4 encryption algorithm. RC4 is a fine algorithm, it's still used today for SSL today. However, it's a "stream cipher" that needs a unique key per stream. That's why it works for SSL and not WiFi: SSL is one long stream whereas WiFi is a bunch of individual packets. RC4 cannot be used for encrypting packets, just streams.
RC4 was baked into the WiFi chips. The correct fix for the WEP-crack problem was to replace RC4 with a "block cipher", namely AES. However, you couldn't get rid of all the hardware in the field. Therefore, an interim solution that still used RC4 was created. The fix was to include a sequence number in each packet, and mix the sequence number with the WEP key to create a unique per-packet key. This was called "TKIP".
Both solutions were standardized at the same time. The WPA certification required TKIP, but made AES optional. The WPA2 certification required AES. We use these terms WPA-RC4-TKIP interchangeably and WPA2-AES-CCMP interchangeably, but technically they refer to different things (the standard, the encryption, and the keying method respectively).
Even as the compromised was reached, everyone knew WPA-TKIP was going to be hacked eventually. Cryptographers have a good nose for such things, and even while they couldn't immediately figure out a way to crack this, they knew it would probably be hacked in time.
However, everyone had full confidence in AES. There are no weakness in AES or the WPA2 standard based upon it. It's going to last for the next 20 years. It's security we can rely upon (at least, as far as encryption goes - there are still issues with authentication).
As a side note, the author of this new attack is Erik Tews. He is the 'T' in the "PTW", the latest and greatest attack on WEP. The original WEP crack required millions of packets and a lot of CPU time to crack. However, this evolved quickly with better and better methods. PTW is the latest and best method so far. It requires only 40k packets and a few seconds of CPU time. Therefore, we can trust this method will probably work, although there might be caveats (such as man-in-the-middle attacks on TKIP packets).
The moral of the story is that you should always have been planning WPA2-AES-CCMP eventually, and been planning to rely upon that for many years. If you planned to only do WPA-RC4-TKIP, then you were wrong.
EDIT: This Ars Technica story interviews Erik Tews and clarifies that the attack doesn't break the key, but instead only allows you to inject a few small packets.
EDIT: The "chop-chop" attack works because RC4 encrypts by XORing against a keystream. AES doesn't do that, it encrypts blocks directly, so chop-chop attacks won't work against it.