ahh this, I've known of it for a few years (the twin stars that is, not some doomsday theory that papers invented), however the distance is now considered a plausable (in a distance only way) threat to the earth, but lets get things into prospective:
The supernova model has only come about because its overdue a nova burst which makes it smaller, (this has happened alot until the last 40 years), so its exciting to the astro guys because it may be changing its makeup and outcome.
you can read about this here:
http://www.space.com/spacewatch/061222_ ... _star.html
OK so "Soon" to these guys means > than 9 million years, no if's and buts but really about 10 million years give or take, according to the computer model.
Ok Soooo 9+ millions years if it goes nova were toast then yeah? erm no, currently its location to us is 3260 Light years away now (just over 1k parsecs), in 9 million years time it will have moved further away from us meaning it cannot harm us, so that is a main key point but just to chill the nerves a bit more....
Ok so the simulated projections, upon this was based (if the lack of nova's continue).
The danger aspect only ever came from the fact the model was based on gamma ray bursts which isnt well expected from this event.
So all in all, calculated slightly wrong, and an innocent astro meeting grabbed and twisted for the media to feed us, because lets face it they are bored of snow news now.
Basically the meeting was to discuss the fasinating ramifications (note not doomsday), regarding the future of this star, then was turned into OMG SCIENTIST SAYS SUPOERNOVA WILL KILL US ALL.
You can view the suns report on this pretty much like the suns report on the LHC destroying the planet on sept 10th 2008, just for the first beam....
and the telegraph article its shamefull reporting really....
http://www.telegraph.co.uk/science/spac ... osion.html
http://news.discovery.com/space/will-ea ... rnova.html
Explains it better than me