Pardon me while I get my geek on.
SHA-1 is a one way hash algorithm used almost everywhere to secure computer transactions. If you’ve ever bought something over the web using SSL, you’ve used this without knowing about it. Well, it may have been cracked — or, to be more accurate, a hole may have been found in the math. If this is the case, it’s a big deal — almost every website will have to retool to not fall prey to hackers, and there will be massive compatibility problems until everything gets worked out.
I must emphasize the word maybe. This may not pan out to be a full bore hole in the function. Either way, it’s something to pay attention to.
— Update —
It seems that it is true in a sense. A MD5 variant has absolutely been proven flawed; SHA-1 is still up in the air.