So, on Earth, for example, it moves with a vector velocity that is counter to the sum of the ground's rotation (roughly 1038 mph times the cosine of the latitude in magnitude) the planet's orbital velocity (roughly 66,661 mph in magnitude) and the sun's orbital velocity around the galactic center (about 514,500 mph in magnitude). Clearly, the sun's motion dominates, meaning the object instantly accelerates to about half a million mph. At that speed, hitting air is as bad as hitting anything else, so there is an impact releasing about 2.9 ton TNT equivalent. (I assumed 1 pound mass.) This, of course, omits the fact that the "fixed stars" are not actually fixed, even relative to each other, some of them being other galaxies and the rest orbiting the galactic center at different rates depending on each one's individual distance from it.
So, pretty much instant death when activated, along with destruction of the item.