Hi,
I am fascinated to think what it would be for life on this planet. The report said that light would be dim and red, but conditions warm. So eyesight there would be adapted to the red and infra-red end, and vegetation quite different.
Much of our plantlife reflects infra-red light, but absorbs red and blue light. NASA has studied the question at
http://www.nasa.gov/centers/goddard/...um_plants.html
I am reminded of the series "The Dying Earth" by Jack Vance, in which our Sun has become dim and red.
GeoffW