The ramifications of this are pretty spectacular. For starters, if you assume light consists of both waves and particles, you have to assume that the particles create the waves and that the particles are superluminary. Nothing moving through a medium that I know of creates a wave which moves as fast or faster than itself. It also suggests that there actually is an aether of sorts, perhaps the neutrino soup some have suggested, and that Dayton Miller was correct in claiming to have run the Michelson/Morley experiment with better equipment and at higher altitudes, and that it did not fail.
I worked with a guy whose brother was researching something with laser light. He was lasering drops of nitroglycerin to get a spectrum or the like.
Any way, he was given his own structure for that experiment.
Whoa... didn't see that coming!