Alright,
I usually just browse the Hot Deals forums on this web site. I was bored and decided to check out this section. After reading through this thread I had to register and post a reply.
Anyways, I'm an Envi Sci major and found this thread really interesting. I am by no means an expert on this subject but just wanted to throw my 2 cents in.
First off, sao123 stated something about earthquakes as a result of the crust floating on liquid rock. The crust does not float on liquid rock. A quick explination. The crust rests on the mantle, which is divided into two sections, the Lithosphere and the Asthenosphere. The Lithosphere is rock the like crust, and the Asthenosphere is molten rock. This rock is not liquid, it's more plastic-y, like silly puddy. It circulates extremely slowly. I do agree though, that as far as continental drift is concerned, there wouldn't be any.
Also, a pet peeve of mine. Everyone keeps referring to tsunami's as "tidal waves." Scientifically speaking a tidal wave is exactly what it denotes. "Tsunami" is the proper term for those natural disaster waves. After taking Oceanology this past semester it bugs me. I'm not trying to bust anyone's chops, I just wanted to explain the real meanings.
Here's what I think would happen. No tsunamis would result. The Earth's oceans would more or less move back to an equilibirum. You would see high tides (although lower than a typical high tide at that area) when you should be seeing low tides and vice versa. There would still be tides, because the Sun also affects the tides. The tides would be much lower. The ocean currents would also be affected, although I don't know how. Anyone who thinks the tides and/or currents would stop is wrong because you still have other bodies exhibiting forces on the Earth.
For the same reason, the Earth would not snap back into shape as a sphere. It would probably become more sphere like than it is, but there are still forces pulling it out of shape. Also, the result of the earth become more of a sphere may cause some earthquakes, but I wouldn't expect massive earthquakes and volcanic eruptions. Earth processes are measured in geologic time, meaning they take massive amounts of time to occur. It is not likely that the earth would "snap back into shape" in a matter of hours or even days. The earth is not elastic enough to simply pop back into shape quickly.
As far as AluminumStudios post is concerned he/the show is probably right. However, ice caps melting, deserts flooding, etc. etc. are all results of climate change. The change of ocean currents would affect the climate. These same things could occur due to Global Warming. Anyways, these events would not happen overnight either. They would probably take at least 100 years before you really started seeing major changes.