The Savior taught in parables. These are stories that are not true, but intended to convey an important truth in a way that we can understand it. That being the case, it seems that many of the events in the Bible could fall into that category. Or perhaps, they have just been elaborated on a bit to emphasize certain concepts.
For instance, was there a world-wide flood? Or was it instead a localized incident that the people of that time either mistook to be global or made it larger in the telling for dramatic effect. Currently, there is evidence for a local flood, but not a world-wide one.
Does that really effect our faith or the messages we receive from the telling of this story? I don't think so. However, there might be those who are bothered by it being presented as a truth when in fact it is not. If this event is not true as it is told, is that an indication that the Bible has errors and that in some way diminishes the value or truthfulness of the Gospel? I would be interested in hearing what others have to say about it.