If he is right, then in a sense, nothing changes. It's just that we will now know for sure that there is no magic formula that will revolutionise the efficiency of our software. The proof will confirm what has been long suspected. However, if the proof holds up, then it is a major milestone in computer science. I mean MAJOR.
Nothing personal against Mr Deolalikar, but I really hope the proof does not hold up. The idea that P could just possibly equal NP is so beguiling.
And here is a really easily digestible explanation from the good ol’ BBC. Jigsaws work for me!