I guess it was feeling gassy [video=youtube;Q_3u_0NN7OM]http://www.youtube.com/watch?v=Q_3u_0NN7OM&feature=youtu.be[/video]
It will undoubtable cause a geomagnetic storm. While that shouldn't "affect" us in a tornado or huricane way, radiation levels should be higher in a couple of days. Sun eruptions, volcanos dormant for years erupting, worse storms in forever happening, tsunamis....I don't like it, don't like it at all.
So the reason this won't affect us much, is that it was aimed away from the earth, aka we got lucky. But apparently in 2013/2014 the 11 year solar cycle will be at it's peak. It will likely knock out transformers and damage satellites via electric/magnetic waves.