2038 Bug

I came across an article on the ReadWriteWeb (RWW) site describing the bug that will affect Unix-based systems in 2038.  Similar to the Y2K bug, the glitch has to do with the date/time function.  The latest time that can be represented by the Posix standard is 3:14 AM on January 19, 2038.  After that, times will be represented by a negative number. 

What is the expected fallout?  If you think about it, most of the machines that contain this glitch should be replaced well before then. The article goes on to state that the systems that are the most vulnerable are legacy and embedded systems which include: embedded systems in traffic light controllers, process control computers, gas pumps, navigation systems, etc.