I don't agree with some of the statements above, however, changing your title element will have an impact on your rankings.
It's a 50/50 split as it depends on what you intend on doing.
A few things come into play like keyword prominence etc etc but ultimately, make sure you have content which reflects in the title element.
The experiments I have carried out have been varied. On a few sites I have changed the title and my site has jumped in the rankings but on the flip side I have seen sites drop in rankings.
Make sure you have a copy of your title just in case your site drops.
The effects can be seen in as little as 48 hours.
KP
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