ahh.. the experts, as always, are quick to dismiss the seriousness of the situation and the fear of the passengers.
Here is an admittedly second hand report of the accident from another aviation forum, but....
"Yesterday my lovely wife was flying on a 737-300 Air New Zealand flight from Auckland to Wellington. Half way through the hour flight at 33000ft, there was a loud bang and smoke and a quick orange flash issued from the right engine which she was observing at the time. The aircraft took a major lurch to the right and she said that that wing dropped to about 45degrees, followed by a lurch to the left with that wing dropping to a lesser degree. There was a smell of smoke in the cabin. The engine was shut down, and the aircraft returned to Hamilton. (the closest airport)
As you may well imagine there was a great deal of fear among the passengers with one needing medical attention.
To me the the most ridiculous part of the incident was the Air New Zealand spokesman stating that the aircraft had a drop in oil pressure and the engine was shut down.
I understand the pilot behaved impeccably, but I suspect that there was a sudden stoppage of the engine, and the input of rudder was delayed and was over compensated.
Tears in the early hours of this morning made me understand how harrowing it had been for all on board!"