Yup Yellow, it'll be fully understood. Of course we still don't understand all of our genes... and that's a separate problem...but: there's already therapeutics that are customized based on people's genes. (One company does something with like... heart transplants? I did an informal interview with them. They've found a list of ~300 genes that are related to success in heart transplants, which helps doctors monitor which patients will have risks.
http://www.xdx.com/)
The faster DNA sequencing is just a tool for science already in place, it's not a "License for Recklessness" in the method of how we treat diseases.
Also, this is going to lead to the "$1k genome test". Right now a full-genome sequence is around 10k... and one company thinks that it can get it down to 5k by doing it en-mass to get an economy of scale going. Once we have the 1k genome test LOTS more people are going to be able to have their genome sequenced.
And we still won't understand all the genes. But you'll be able to know some things, like whether you're a carrier for certain diseases, if you're at-risk for Alzheimer, etc.