According the CNN, it is confirmed by the Pentagon: Iran successfully launched an orbital satellite.
This is a tremendous accomplishment for a nation that exists in economic isolation.
On the other hand, it is a cause for tremendous concern: the missile belongs to a nation that has been openly advocating the destruction of Israel, and is likely in the advanced stages of a nuclear weapons program.
I guess what it boils down to is two questions: 1) Are the ayatollahs crazy enough to try to nuke Israel or lob an ICBM over the Atlantic? 2) Are other parties worried enough to start a major war by launching a preemptive strike against Iran?
If the answer is a yes to either of these questions, lots of people will die and lots of unpleasant things will happen to lots of other people.