I believe it means at least one of your Oxygen (O2) sensors has gone bad. A 1999 Camry has three such sensors (on at least the V6 engine). The car will still run basically fine, but a couple of things might happen: 1) you might notice lower gas mileage and/or engine performance and 2) you could potentially shorten the life of the catalytic converter. Also, if you live in a state that requires a regular smog (emission) check, the car will most likely not pass.
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