I had the same code on my car when I took it to a non-dealer mechanic for check-up. He said that it might be the oxygen sensor being faulty. How many miles do you have on your car?? Mine has 62,000 and he said that's usually the time when the sensor goes bad.

Basically there are 2 oxygen sensors on the vehicle (1 in the front and 1 in the back). He said that if it's the back one, then most likely your car will be ok. I've had the light on for about a month now and the car still runs the same as before (same power and same fuel consumption). I'll probably fix it when the car has a different feel to it...but in the meantime, I simply ignore the light.

Did you have the dealer check this or just a non-dealer mechanic??