This leetle bombshell affects, oh, around half the marine organisms in the world. In essence, by omitting the 'assumed in the current paradigm' step of releasing oxygen while consuming carbon dioxide, these organisms have never done a darn thing in the carbon cycle.
That sound you may hear if you listen closely is a whole bunch of Gerbil Worming gravy train riders saying 'bugger' and re-calibrating their GCM's to show that We're All Freaking Doomed, still. Gotta keep them grant shekels flowing.
The shekel quote:
Wolf Frommer, director of the Carnegie Institution's Department of Plant Biology, agrees about the discovery's ground-breaking importance. "If we thought we have understood photosynthesis, this study proves that there is much to be learned about these basic physiological processes."