That is the most common CEL code and there are lots of threads discussing it. In general, it is not a considered to be a serious code but your CEL light will keep comming on and some day it may be something more serious and you will think that it is just the P0401. Your gas mileage will most likely drop 1 or 2 mpg. Also, if your EGR modulator is bad, there is a chance that you will leak carbon into your intake and fowl things up. For starters pop the top off the EGR modulator and see if the white filter thing is black. If so, your modulator is most likely bad and you are leaking carbon. If you do the work yourself, you can most likely fix it for under $100. With the price of gas, it will pay for itself. From my research of this issue, most cases point to either a bad modulator or a VSV that is stuck open. You may want to check the simple thigs first like leaking or plugged vacuum lines, ports that are plugged etc.