BadBlackBird

I have been reading about this code after doing a search. It is a secondary AIR malfunction. Is this a big deal? What is most likely the problem? I understand that an 02 sensor could be causing this problem? I don't really want to take it to the dealer because they are going to hassle me about modifications and warranty. I think my AIR pump is running, at least it sounds like a vaccum under my hood when I start it up cold. So should I change out the 02 sensors?