The Complexity Zoo points out in the entry on EXP that if L = P then PSPACE = EXP. Since NPSPACE = PSPACE by Savitch, as far as I can tell the underlying padding argument extends to show that $$(\text{NL} = \text{P}) \Rightarrow (\text{PSPACE} = \text{EXP}).$$ We also know that L $\subseteq$ NL $\subseteq$ NC $\subseteq$ P via Ruzzo's resource-bounded alternating hierarchy.
If NC = P, does it follow that PSPACE = EXP?
A different interpretation of the question, in the spirit of Richard Lipton: is it more likely that some problems in P cannot be parallelized, than that no exponential-time procedure requires more than polynomial space?
I would also be interested in other "surprising" consequences of NC = P (the more unlikely the better).
Edit: Ryan's answer leads to a further question: what is the weakest hypothesis that is known to guarantee PSPACE = EXP?
- W. Savitch. Relationships between nondeterministic and deterministic tape complexities, Journal of Computer and System Sciences 4(2):177-192, 1970.
- W. L. Ruzzo. On uniform circuit complexity, Journal of Computer and System Sciences 22(3):365-383, 1971.
Edit (2014): updated old Zoo link and added links for all other classes.