I've got this link from Lenny Zeltser's blog, it is the deck from Dan Guido's talk at SOURCE Boston.
Seriously, if you have a Vulnerability Management process, you MUST read it. You don't need to necessarily apply everything in the presentation, but the idea behind it should really be considered when putting together a strategy to deal with the massive number of vulnerabilities that are published every day.
The key word on this is "Intelligence", gathering more meaningful information and data that you can base your actions on. Beware of the "best practices" in Vulnerability Management...most of them don't include anything like that and just tries to make you patching cycle wheel spin as fast as possible. Not very effective and greatly increases the chance of breaking stuff.