The results would be significant, but not permeant.
Currently the Earth's water and air follow paths where they move in long, slow circular currents. While these currents are not very fast. They carry incredible amounts of mass and help regulate the temperatures of various parts of the world. They also help maintain a sort of tidal equilibrium making sure than any water that leaves one place already has water flowing in to replace it.
So, should they be suddenly disrupted they would create a massive tidal shift with the Oceans accumulating on the West side of the cut and tides dropping dramatically in the East since the water would crash into the barrier with suddenly nowhere "forward" to move but all the momentum of the water moving in that direction is preserved. This tidal shift will likely ripple back and forth across the hemisphere until the tides and currents can find a new equilibrium, but it could result in a pattern of tsunamis that batter all of the world's coastal regions for what would likely be a matter of years. During this time, rivers and bays will also have issues flowing upstream causing flooding and then completely empty out.
Disrupting these currents will also cause dramatic changes in the temperatures of water because you will interrupt the flow of water and air in the north/south directions. This will cause massive die-offs of marine life, but terrestrial life will be less affected as we tend to already be more resistant to rapid changes of temperature. Marine life will be further effected as many freshwater sources will be infringed on by salt water and vice versa.
Depending on how "clean" the cut is, the very act of slicing and separating the world would likely be the biggest hazard of all. The global earthquakes it would cause would break the Richter scale. Compared to the Earth, humans are small. We are very very small. So anything energetic enough to slice it in half will be very very big compared to us. The reverberations caused by the slice itself will likely level cities and topple mountains.
Given enough time for all the bad stuff to settle out thought, new oceans currents will eventually form and the environment should return to a fairly stable condition. The cut lines would just act similar to how the currents currently interact with a land mass.