The eruption also hurled a bright coronal mass ejection (CME) into space: SOHO movie. The expanding cloud is heading into a part of the solar system not currently occupied by any planet--it's going to miss everything, including Earth. If such a CME did hit Earth's magnetic field, it would probably trigger strong geomagnetic storms. Maybe next time...
Update #1: Two new movies of the eruption are available from the Solar Dynamics Observatory--a big picture view in black-and-white and a spectacular close-up in three extreme ultraviolet colors.
Update #2: NASA's STEREO-Ahead spacecraft is stationed almost directly above sunspot 1105. A first-look movie shows a shadowy "solar tsunami" wave racing away from the blast site.