In practice even O(n^3) can be a challenge for large n, but it's certainly fast in comparison with O(2^n).
The classification of polynomial as fast and of exponential as slow is informal but generally accepted (in some cases this distinction is not very accurate, e.g. 2^{0.0001n}, n^{logn} and n^{1000000}).
There isn't strong evidence for P = NP and it's widely thought that P and NP are not equal but the problem is wide open.
A proof of P = NP, and corresponding algorithm for NP-Complete problems, would be immediately useful and of incredible importance. NP-Complete problems are a set of hard problems that become easily solvable if P = NP.
Subgraph Isomorphism is one of the NP-Complete problems: given two graphs of n or fewer nodes, determine whether the first one contains the second. Given a graph A of 1,000 nodes and a graph B of 500 nodes, in order to determine whether A contains B, a naive algorithm might check each possible subgraph of A to see if it matches B. There are 2^1000 such subsets of A, which is a huge number and completely out of the realm of possibility.
In practice we don't have to resort to checking each possible subset of A because of known optimization techniques (e.g. check only the subsets of A that have 500 nodes) which can yield much faster performance. As an example I've tested solvers that can solve random instances of up to 300 nodes in a few seconds, which is remarkable given how even non-trivial algorithms might need hours or days.
On the other hand these optimized algorithms can only go so far and are a constant work-in-progress. As we approach 500 nodes even these algorithms start taking huge amounts of time or just not completing at all.
Theoretically, if P = NP then we can automate many of the tasks we rely on humans for, e.g. finding and proving mathematical theorems. Realistically, any problem assembled from a set of constraints has a good chance of either being an instance of an NP-Complete problem or being reducible to one, so the applications of P = NP are many and independent of the field.
P != NP would also be a significant result but not as Earth shaking. Note that the problem of proving that P != NP is likely itself an instance of an NP-Complete problem, and thus reducible to an instance of Subgraph Isomorphism (all NP-Complete problems reduce to each other).
This means that P != NP directly impacts the difficulty of its own proof. This is in tune with observation, because if P != NP then its proof ought to be hard, in the same way that determining whether A contains B is hard, though the door is always open for someone to take a lucky shot and see B in A at a glance.