So I was taking pics of my grips and tires, came back into the kitchen, and heard an "El Kabong" and a crash. I ran back out into the Garage and found that my hanging bike rack had come out from the wall, with my bike on it.
No damage done, but in the future more care will be taken to eyeball stud lines in the drywall. It was hanging about 3 feet off the ground. I moved it over to a stud and below my wifes bike so it should be fine now.
So the moral, as my wife quipped, was "keep an eye on the stud....."
*mwahhhh mwahhhh mwahhhhh mwahhhhhhhhhhhhh*