The biceps muscle of the arm (the hamstring is also a biceps) is called this because it has two muscle bellies. At the shoulder there are two places that the biceps inserts into the scapula. The two bellies merge and form one attachment below the elbow. This makes the biceps a "two-joint" muscle. As we all know, it flexes the forearm, but it also helps in flexing the arm at the shoulder (raising the arm in front of you). The tendon that Farve had released was likely the long tendon that attaches at the front of the shoulder. He will still be able to raise his arm becuase he still has his deltoid and the 4 rotator cuff muscles to help with this. His other tendon at the shoulder is also probably intact, and the insertion below the elbow (the one primarily responsible for showing your guns) is definitely intact, otherwise Mr. Favre would not be throwing a ball any time soon.
Basically, his throwing motion should not be greatly impacted, nor should the power behind his throws, which comes primarily from his legs and core. Releasing that tendon will serve to relieve the pain he felt in his shoulder that limited the amount of torque he could apply with each throw. The risk to him is that his shoulder will be less stable without that attachment and could and likely will eventually lead to rotator cuff problems.
As for hoping that Stan Van Gundy would out coach Phil Jackson...one listen to his pep-talks during time-outs should clue you in to his coaching deficiencies.
I agree with the Kobe-face moratorium. However, I like to think of it as the "Angry Wallace Face", (referencing Wallace and Gromit).