If I understand my NOVA specials correctly, the big worry is what happens during the relatively short time the Magnetosphere is in flux during a reversal. Does it leave us unprotected from the deadly charged particles from outer space?
Either way, the theory did help give rise to the most hilariously bad sci-fi flick of recent years "The Core" (www.imdb.com/title/tt0298814) with a surprisingly stellar cast at that.
http://news.nationalgeographic.com/news/2005/08/0825_050825_earthcore.html
http://news.nationalgeographic.com/news/2004/09/0909_040909_earthmagfield.html
I believe during a reversal, worldwide you'd expect eventually several hundred thousand additional human deaths from cancer.
In the grand scheme of things, irrelevant, out of 5 billion people, though it obviously sucks if you're one of the unfortunate several hundred thousand.
There's no evidence of any animals...reptiles, birds, mammals...having mass die-offs during past reversals.