As showcased during the conference, when a user visits a malicious website with the malware. An app can be installed on your phone even without your knowledge. One can almost imagine how far this can be exploited.
The Chinese researcher who discovered this was rewarded with a flight to the Vancouver CanSecWest security conference in March 2016, and also a ski trip. Thankfully this vulnerability can be patched with a single update to Google Chrome unlike Stagefright that required a full system update.
As always, we should be mindful if the sites we visit, especially those offering paid products for free.