What is special about this date? It is explained that Unix and similar operating systems do not calculate time based on the Gregorian calendar. Instead, they are known to simply count time in seconds from their arbitrary "birthday", that is, GMT 00:00:00, Thursday, January 1, 1970. The accepted practice among software programmers is to use a 32-bit variable for this number (32-bit signed time_t).
Experts are of the opinion that Linux users will be the hardest hit, because of the wider acceptance of this OS for its security and cost features. They are feared to grind to a virtual halt or go into a loop. This Linux's own Y2K nightmare can be more damaging than the Y2K bug, because the latter basically involved applications while the 2038 bug affects the time-keeping function itself.
Linux gurus are apprehensive about the bug's impact on the embedded field, where software does not get replaced frequently.
http://www.earthtimes.org/articles/show/2707.html

I would like to hear from these so called "Experts" and "Linux gurus"