It'll roll around and start again at January 1, 1970.
Like stolzyboy says, things should be dealt with by then: 64-bit processors, or just implementing the timestamp as an unsigned long would do the trick, allowing the timestamp to be valid from 1970 until long after the Universe is twice as old as it is now.
'Course, if it's not dealt with, it could represent the sort of threat that the Y2K bug was hyped to be...