Two days ago I drove past the LVIA and there were those electronic "PennDOT" signs up along the road stating that there was going to be an exercise and to be prepared for heavy traffic, delays, etc. I'm not 100% sure but I believe there were signs on Airport Road as well as route 22.
I listened for awhile. I thought I might hear some federal traffic, but heard none. Sounded like the drill went well, except when the fire alarm in Hanger 3 activated due to the smoke from the "crashed" airplane made it's way into the building. They rolled with it, and incorporated it into their scenario.
I can't say anything about effects on the local area, I stayed at home.