And despite the hypemeisters, nearly a week later the mobile friendly update has been for the most part a non-event. Though that hasn't stopped anyone from churning out clueless bullsh*t articles about it...
This is a good thing, since the "mobile friendly" tool that the label is based upon leaves a LOT to be desired, nit-picking on minor annoyances and totally ignoring more critical issues like horrendous page load speed. You can have a page that takes 10-20 seconds to load mobile and it can still pass (Personally saw this on a client site I was auditing - crazy!)
When G makes some big declaration, always listen and read between the lines, never panic.