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we had the same issue that our applications which needs the oracle client did no longer work.
We opened a bug at Apple and here is the answer from Apple.
Due to a security exploit we prevent the use of changing the library
path in environment.plist. Therefore this does not longer work after
Security update 2007-04.
There are two workarounds:
a) setting LSEnvironment in the Info.plist for the app:
b) running sudo touch /var/db/.AllowDYLDEnvironmentVariables
Note that b) reopens the security hole, which allows users to escalate privileges to root.
I tested that LSEnvironment stuff and it works.
You have to add the following to the Info.plist from your application.