This means that businesses will most likely be off several cents every day until the penny is completely eliminated from circulation due to rounding. As well, this changes the concept of 99 cent stores. Will people eventually cease to say "penny for your thoughts" or "that's my two cents" as there will now be generations of people who grow up without the penny?
I never thought about how integrated something like the penny was in our lives but this is history happening before our eyes. Just as when the dollar bill was eliminated or the toonie was introduced, it's something people have to wrap their heads around. I for one, love that we're here at this crossroads, small as it may be. It forces people to think, to adapt and to possibly change. Change like this keeps up moving forward and doesn't allow us to stagnate.
If you want a more concise delivery, check out this video by Canadian YouTuber, CGPGrey.