So, do you think blow a hole in Peak Oil or what?

"Peak oil is the point in time when the maximum rate of global petroleum production is reached, after which the rate of production enters its terminal decline. If global consumption is not mitigated before the peak, an energy crisis may develop because the availability of conventional oil will drop and prices will rise, perhaps dramatically. M. King Hubbert first used the theory in 1956 to accurately predict that United States oil production would peak between 1965 and 1970."

Now, Peak oil isn't about the market going to cheaper sources to get oil, rather it's about predicting the reduction production because of a finite oil reserve.
And this discover increases [or could increase] proven reserves to more than 3 times:

"A draft study by the late organic geochemist
Leigh Price6 provides estimates ranging from 271 to 503 billion barrels (mean of 413 billion) of potential
resources in place.
...
For perspective, consider that the current estimate of all technically recoverable crude oil resources in the United
States, not including Bakken oil resources, is 174.67 billion barrels."
[From Tom's link]

Here another news story [unrelate] which may give more perspective:
"September 6, 2006:

Oil analysts and company executives said newly released test results from a well 175 miles off the coast of Louisiana indicate that the oil industry will be able to recover well more than 3 billion barrels, and perhaps as much as 15 billion barrels, of oil from a geological area known as the lower tertiary trend, making it the biggest addition to U.S. petroleum reserves in decades. The upper end of the estimate could boost U.S. reserves by 50 percent."
http://www.washingtonpost.com/wp-dyn/content/article/2006/09/05/AR2006090500275.html

So in this story they were excited about 15 billion barrel find, and the one we are talking about is 413 billion barrel find, or 27.5 times bigger.