Earlier quoted context omitted.
To pick on a small part of your comment: Do any theoretical computer scientists seriously worry that a proof that P=NP would threaten cryptography? It's not like a proof would suddenly make an i7 able to factor huge numbers in polynomial time. Also, while all polynomial-time algorithms are considered "tractable" in theoretical CS, that doesn't mean that they're all practical on current hardware (nor does it claim to…
Actually, yes. Normally, when something is placed firmly in P, improvements are quickly made and a spur of research firmly lowers the bounds of the algorithm. Additionally, P=NP suggests that NP in RP. If an inefficient deterministic algorithm in P is found, I'm sure a much faster randomized algorithm would soon follow.
This hasn't been the case in linear programming, at least: 30 years after it was proven to be in P, the old exponential algorithm (the simplex method) is still competitive with the best known polynomial algorithms (interior point methods). From a practical perspective, no real efficiency breakthrough. The fact that there are now two families of algorithms with good performance for the problem is an improvement, but the fact that one of them is theoretically polynomial doesn't seem to have led to dramatic speed gains.