An earthquake measuring somewhere between 7.6 (if you read the Solomon Islands news) and 8.1 (based on the Australian media) on the Richter scale hit New Georgia this morning. The shake caused a tsunami to hit parts of the province, and it appears that damage in Gizo (the capital of the province) has been extensive with at least one death (see here). Reuters reports that many homes have been destroyed and three people have been found dead. This is saddening given that as far as I am aware (and based on my impressions from forums such as the Lonely Planet Thorn Tree), tourism in New Georgia was doing ok (while it's been virtually non-existent in other parts of the country since the Tensions).
The Australian Bureau of Meteorology has warnings out for the entire eastern coast, however the threat appears to have dissipated (see here). Judging by some of the internet forums I'm on, the 2005 Tsunami appears to have (predictably) generated a fair degree of paranoia!
Another article from Reuters suggests that areas north of the Solomon Islands should not be significantly affected.
Edit: the death toll is climbing - latest reports from Reuters state that 2 villages are inundated and 4 people are missing in the isolated society islands.
For regular updates, check AlertNet and Reuters.