0. This guy looks orders of magnitude less looney than the usual P=NP prover. I hope someone who knows this material well steps in soon.
1. This guy has implemented his algorithm. This is a very good sign -- most garbage "algorithms" are exposed to be broken when people try to implement them.
2. Most 3SAT problems are "easy". Being able to solve a particular problem doesn't mean that the algorithm works in general. He would have done better to demonstrate his algorithm on "known hard" problems.
3. He states a running time of O(n^4 m), but his experimental results don't scale quite like this; perhaps his analysis is wrong, or perhaps there's just a monster hiding behind the big-O.
4. If he is correct, and his algorithm is optimal, we probably don't need to worry very much about cryptography yet: It looks like this algorithm is far too slow to be a practical attack on existing cryptosystems.
(EDIT: Oops, in the time it took me to write that, 18 other people posted comments. Well, so much for getting the discussion started...)