The short term effects are the tricky ones to figure out.

I have a suspicion that we would be flung across wherever we are with such force that pretty much every ended up dead. We are spinning at what, 7000mph or something?

However, assuming we survive that, we should consider what effect centrigufe has on us. Surely if the centrigufe was suddenly stopped, as it would be, we would have a far more powerful gravitational pull affecting us?