The attack is a DOS exhausting CPU resources by sending tiny tcp-segments out of order - thus if one of your guests is attacked it would end up wasting the CPUs you've assigned to it, which, depending on your config, could affect the host.
The effect and protection of the firewall depend on it's workings (if it does tcp-reassembly, and sends a reassembled stream to the host, then this should help) and patchlevel (quite a few firewall vendors base their solutions on linux as well and thus could potentially be affected by this bug).
HTH