SHA-1 Broken

Schneier on Security: SHA-1 Broken, this is big news. If the paper is for real then this is a very important, how important? Want to poison a Bittorent with bad data so it doesn't reconstruct into a proper movie? Want to fake someones digital signature? Or want to fake a legally binding document form the presidency of Bill Clinton, with this technique (if it passes peer review) you can and on an industrial scale. That is how important it is.