ScienceDaily (Nov. 30, 2011) — Scientists understand that Earth's magnetic field has flipped its polarity many times over the millennia. In other words, if you were alive about 800,000 years ago, and facing what we call north with a magnetic compass in your hand, the needle would point to 'south.' This is because a magnetic compass is calibrated based on Earth's poles. The N-S markings of a compass would be 180 degrees wrong if the polarity of today's magnetic field were reversed. Many doomsday theorists have tried to take this natural geological occurrence and suggest it could lead to Earth's destruction. But would there be any dramatic effects? The answer, from the geologic and fossil records we have from hundreds of past magnetic polarity reversals, seems to be 'no.'
http://www.sciencedaily.com/releases/2011/11/111130171105.htm