It certainly had an impact on AAPL's stock price today.
Still, I have some experience with patent litigation (I was an expert for a defense team for one about 14 years ago) and it usually seems like a fair bit of posturing followed by a settlement. We'll see how this one goes, but it's following the usual pattern - intial suit with a ton of patents and a request for injunction, counter-suit, expansion of initial suit. Now if it continues the usual high tech pattern, it just will simmer for a while and then settle before it hits the courts.
If there's one thing that I liked it's that Nokia sued in Delware and not some obscure county in Texas. That whole game of filing high-tech suits in the middle-of-nowhere Texas always irritated me for the sheer bizarre rigged-system aspect of it.