What are the implications of the observer effect?

Physicists have discovered that light will behave both like a wave and like a particle. In the classic experiment, light particles are directed through two narrow slits, and instead of projecting a particle beam, they produce an interference pattern as if they are waves. But, when the same experiment is performed... show more Physicists have discovered that light will behave both like a wave and like a particle. In the classic experiment, light particles are directed through two narrow slits, and instead of projecting a particle beam, they produce an interference pattern as if they are waves. But, when the same experiment is performed while the researchers are monitoring the individual slits, the interference pattern goes away and light begins acting like a particle again!

I have included two video links which clearly demonstrate this phenomenon and relate it to uncertainty:
Dr. Quantum:
http://www.youtube.com/watch?v=DfPeprQ7o...
Uncertainty and light:
http://www.youtube.com/watch?v=VH7z3TZFY...

What do you consider the impact of this discovery on the world of physical sciences? Do you see any relationship between these experiments and parapsychology? This is a science question, so I would appreciate reasoned responses, but I'm more interested in your opinions. Thanks!
Update: I'm very surprised that after a week, nobody has mentioned that these experiments demonstrate the limitations of our scientific processes to explain observable phenomenon. I am not trying to relate this directly to parapsychology, but the results in this experiment seem to make our current scientific... show more I'm very surprised that after a week, nobody has mentioned that these experiments demonstrate the limitations of our scientific processes to explain observable phenomenon. I am not trying to relate this directly to parapsychology, but the results in this experiment seem to make our current scientific explanations obsolete at some level. Sometimes, the illogical and unbelievable actually are real.

TR gave a good answer from the scientific viewpoint, and claptic and Mel also gave interesting answers. Thanks to everybody for providing their opinions in a civil manner!
Update 2: Thanks again to everyone who answered. I'm going to let this go to voting :^)


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