From everything I've read, it's going to be a nasty little work-stoppage. But the writer's have some legitimate issues, and even though I'm not a member of the WGA yet, I'm solidly in their camp on the issues of DVD and digital download residuals (as well as a number of other key issues that have resulted in this strike).
For me, the strike doesn't have a direct impact, unless some guild-signatory producer decides that he or she wants to buy a script right now. I can't sell until after the strike or I'll be a scab and this barred for life from membership in the guild. Frankly, as painful as it might be to NOT sell something if someone was actually interested, it wouldn't be worth it -- I for one won't be party to undercutting the guild's efforts via the strike.
So there, I've said my piece, for whatever that's worth.