jasonb - Officially, yes anytime the CEL is on it has to do with something that can cause a problem with emissions. For instance when your CEL came on because of a bad/loose gas cap, it failed the fuel system pressure test. If you cap leaks, it could allow fuel vapors into the atmosphere. Unofficially though, I have seen the CEL come on for reasons that as far as I'm concerned won't really affect the emissions. One thing that comes to mind is a failing IAC valve. The only thing that would cause is that your engine won't idle on its own. Your emissions wouldn't be changed any unless they consider the extra emissions that would be put out from restarting your Explorer every time it died.
tlc_sport - Bank 2, sensor 1 is the sensor before the catalytic converter on the side that doesn't include cylinder # 1 (the side with cylinder # 1 is bank 1). From memory, I think bank 2 is the driver's side. As to whether or not you should replace both on that side or not depends on how quickly they are switching from low to high voltage. Per the Ford test procedure they should switch at least every 3 seconds. You will need a scanner to watch them. If they are both very slow to react then replace both. If only one is acting up then replace it first and then monitor your other one. At $50 apiece it would be a waste to replace an O2 sensor that is working properly.