It will merely flip just like it has many times before. Be kind of cool to watch the compass needles flip!
Well hopefully it will flip quickly, but no one knows how long that process will take while there is little if any magnetic field.
It is a safe assumption that the change is near instantaneous.
That does not seem to be a safe assumption at all. Many different methods exist of looking at this phenomenon and how it happened in the past.
Just one example is iron deposits in ancient lava flows which have long since hardened. In most cases they are oriented North and South. In others they are oriented in different directions or even none at all.
It seems that the reversal of the magnetic field may take place over years or even decades and not simply be a flip of the poles. The poles could disappear and reappear in different places or even multiple places.
Over this time it could well cause massive upheavel in nature. As in birds and other animals not being able to sense where to migrate to.
No one knows because as the op says we have never recorded it . But some limited evidence suggests it is not just a brief minor thing.