Well, certainly there's a lot of work that can be done by a computer network that spans what? 500+k computers all pegging their many cpu/gpu/asic processors at

Well, certainly there's a lot of work that can be done by a computer network that spans what? 500+k computers all pegging their many cpu/gpu/asic processors at 100% 24/7. The bitcoin network, if seen as one processing unit, is history's most powerful computer. Of course it can punch out difficult work quickly. That doesn't mean your average Russian hacker can. Of course this cuts both ways, we'll probably be seeing ASIC's designed just for this work that'll vastly cut down how much time is required to make these collisions. Also, I find it impressive SHA-1 lasted 10 years. Think about all our advances in that time from both a hardware and cryptographic perspective. A decade of life in the cryptospace should be seen as a win, not a loss. I'm not sure why we thought these things would last forever. If anything, the cryptospace is faster moving now than ever. The concept of a decades long standard like we had with DES or AES is probably never going to happen again.