(I notice in my traffic logs that a lot of people land on this post while Googling the title of this post. The point made in the post is an example of the concept, not an explanation. Just in case there are people looking for an explanation of the meaning of the phrase, I'm going to post a brief one in the comments below.)
There's not much to say about this particular section, at least certainly the first part. So the waters flowed together to form the seas, and left behind the dry land. There's nothing spectacular here; that's essentially the same thing that happens every time it rains. But then the plants arrive.
The problem here that is addressed by the SAB is that of photosynthesis. More or less immediately upon the formation of dry land, plants appear. (Something not addressed by the SAB that I personally find curious is the fact that of course plants also grow in the sea, and supposedly wouldn't have needed to wait for this process of drying out. Not that it's earth-shattering, but it is interesting.)
There is also a note that the Bible says in this passage (and others in this chapter) "let the earth bring forth", which may hint at the possibility of evolution. Sure, it's possible, but I think the more literal interpretation, and certainly the theologically conservative one is that when God says, "Let such-and-such happen," He's really giving a command. The fact that this one is worded slightly different from the ones we've heard before I think is simply a reflection of making something from something, rather than something from nothing. After the first day, it seems that God largely shapes everything out of existing materials that He created in verse 1.
But seeing as it's apparently the question on everyone's mind, what of photosynthesis? How do plants exist without sunlight? I have two thoughts on this.
First, why such an insistence on plants needing light? I understand there is well-established science that says this in essence, and in fact it was probably well-known to be a fact long before modern science. However, if God can make something out of nothing, why not make plants without sunlight? Or better yet, if there is no need to appeal to the supernatural, why go there, right? So forget this idea of plants miraculously needing no light for photosynthesis, and let's talk about the bare facts.
Once, I got my wife some tulips in a pot. You know, they were alive, and all that? Okay, so I brought these live plants home, and intended to give them to her for her birthday, but her birthday was a couple days away. So what did I do? Like I would do with any other present, I hid it. I stuck it in an unused cupboard in the kitchen, where it stayed in darkness for over 24 hours. Guess what? It was still alive when I pulled it out! It hadn't shriveled up and died from lack of sunlight for over 24 hours. Maybe I'm weird but I don't believe it was a supernatural miracle. Nor do I believe there was anything odd about plants needing to wait 24 hours for God to make the sun, so long as He made sure they stayed warm enough.
This leads to my second thought, which I lean on a bit more, especially since my line of reasoning in the last paragraph unwittingly led me here in the end. (I reason these out as I go along, so sometimes I surprise myself, actually.) Going back to day one, we ask the question once again; where is the light (and heat!) coming from if there's no sun?
Coming from a bit of a spotty background, I can tell you from personal experience that I have known people to grow certain plants indoors, completely away from the sun's light until the time that they wish to harvest their, um, crop away from the prying eyes that might come if their plants were left outdoors. Not just 24 hours, but a plant living its entire life without seeing a single ray of sunshine (and perhaps destroyed before being ever taken outdoors). This of course is achieved with artificial light sources. If God can make a plant grow out of nothing, why can't he make light out of nothing?
I find it interesting that some comments I have received elsewhere regarding my posts here have complained about my earlier request that people accept the Bible on its own terms and suspend disbelief regarding the nature of God, yet nobody brings up the point about how absurd it is that plants would be created where no plants had ever existed before. I mean, the Bible doesn't say, "God planted some seeds and they sprung up." No, God just told the ground to make plants, and it obeyed. And the skeptics swallow this camel-sized absurdity whole and say, "All the different species of plants in the world created in one day out of barren ground? Yeah whatever, let's talk about photosynthesis!" I guess sometimes it's the little things that bother you, you know?