Yeah, that could be a "problem"....
If you fix it, I would be sure to check all of the oil galleys for chips/debirs before fixing.
I would also check that #2 rod real well. It looks like it turned blue around the crank bore from all of the friction/heat when the bearing failed. May want to seriously consider replacing the rod.
Also It looks like you have stock rods in there. I would recommend you change the bolts so they don't get overstretched and cause your NEXT FAILURE.
Here's a link for the replacement ARP bolts for the stock small block connecting rods at Mancini if you need it:
http://chucker54.stores.yahoo.net/rodbolts.html