Compared to the magnetic fields inside electric machinery, the one caused by the Earth is weaker by a factor of thousands. The field of the Earth has at most a slightly disturbing effect, so electronics would not be affected by a reversal.

Based upon the study of lava flows of basalt throughout the world, it has been proposed that the Earth's magnetic field reverses at intervals, ranging from tens of thousands to many millions of years, with an average interval of approximately 250,000 years. The last such event, called the Brunhes-Matuyama reversal, is theorized to have occurred some 780,000 years ago.

Scientific opinion is divided on what causes geomagnetic reversals. Many scientists believe that reversals are an inherent aspect of the dynamo theory of how the geomagnetic field is generated. In computer simulations, it is observed that magnetic field lines can sometimes become tangled and disorganized through the chaotic motions of liquid metal in the Earth's core.

Some speculate that a greatly diminished magnetic field during a reversal period will expose the surface of the earth to a substantial and potentially damaging increase in cosmic radiation. However, Homo erectus and their ancestors certainly survived many previous reversals. There is no uncontested evidence that a magnetic field reversal has ever caused any biological extinctions. A possible explanation is that the solar wind may induce a sufficient magnetic field in the Earth's ionosphere to shield the surface from energetic particles even in the absence of the Earth's normal magnetic field.
Source(s):
http://www.phy6.org/earthmag/magnQ&A6.htm
http://en.wikipedia.org/wiki/Earth's_magnetic_field
http://en.wikipedia.org/wiki/Geomagnetic_reversal

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