Ok, so I guess you could say that I'm following this story now.
The captain and the chief officer of the Shen Neng 1, the ship that grounded on the Great Barrier Reef, have been arrested. The ship dragged for over 1km (.6 miles) after it hit bottom on April 3rd. The general concern seems to not only be the destruction to the reef, which is extensive, but also the amount of oil that leaked and what the bottom paint that got scraped off the hull, will do to the surrounding coral life. According to the BBC, the bottom paint and oil will disrupt seabird and turtle breeding grounds.
Best guess seems to be 10-20 years to rebuild it. You can read the BBC article here.