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gwern comments on How does MIRI Know it Has a Medium Probability of Success? - Less Wrong
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As I understand it, if P=NP in a practical sense, then almost all cryptography is destroyed as P=NP destroys one-way functions & secure hashes in general. So RSA goes down, many quantum-proof systems go down, and so on and so forth, and you're left with basically just http://en.wikipedia.org/wiki/Information-theoretic_security
http://www.karlin.mff.cuni.cz/~krajicek/ri5svetu.pdf discusses some of this.
And life was so happy with just one-time pads?
Really, if P=NP, then encoding your messages would be quite low on the priority list ... however we're not debating the practical impact here, but that "finding a provably secure encryption scheme is harder than proving P!=NP", which was raised as a nitpick, and is clearly not the case.
Happiness or unhappiness of life with one-time pads notwithstanding.