Ahem Spacewalk question? Somebody ask a spacewalk question?
For the Shuttle, assuming the safety tethers broke and the astronaut was sent floating away, it would be really easy for the pilot to give a little thrust and chase after him. A little orbital dynamics comes into play, but it shouldn’t be too difficult - I’m having trouble conceiving of a situation where the astronaut pushes off enough to escape the shuttle. Oh, incidently, the pilot or commander is always on duty during spacewalks.
ISS will be a different story, because without the Shuttle there, it cannot go chasing down lost crew. So they devised this nifty little emergency jet pack called the SAFER. I hooks onto the suit back below the backpack part. In the event of a tethering mishap (actually, double tether mishap), and the crew member is dislodged, he can easily activate the release for the control mechanism (a joystick), and then resume control with the SAFER. It is designed to stabilize tumbling and provide thrust to get back to structure.
Assuming we have a really bad day, and the tethering fails, and the SAFER disintegrates, so the crew member cannot get back. And assume the other crew member cannot attempt a rescue with his SAFER. And assume NASA then doesn’t pull out the Emergency Return Vehicle (CRV or Soyuz) and attempt a rescue. He floats off, runs out of air and battery power, gets cold and either suffocates or freezes - probably suffocates first. Then he will stay in orbit for a while till finally doing an uncontrolled reentry, barring NASA devising a retrieval to return the body home.
What about suit penetration? Understand the helmet actually has 2 layers to the mask, so even if hit, the first layer cracks, the second will most probably remain intact. The rest of the suit is designed with several layers of material, from the nomex outer covering through several layers of mylar insulation down to the inner bladder layer. (Not including the liquid cooling garment, as it does not seal the pressure.) The suits are designed to withstand a fair amount of penetration. Assuming a micrometeoroid punctured through all the layers and opened a hole, the suits have an emergency reserve of air to handle a fair sized leak, and the crew would rush back into the airlock.
Assuming the hole is a little bigger, then he has to worry about blood loss (from the penetration of the MMOD), and freezing, and running out of air.
NASA has never had this situation occur (even the lesser situations above), but I believe the Russians have experienced an on-orbit loss of pressure on a suit. The Orlans (Russian suits) have inner bladder layers that separate the extremeties in just such a situation, so it closes off say the arm to contain the rest of the body in pressure, but the U.S. suits do not have that precaution.
Suffice it to say, mealypotaotes, NASA has put a lot of thought into these situations, and has devoted a lot of attention to understanding the probabilities of occurrence, and how to prevent or minimize those probabilities, and how to safely deal with the problems. There is some risk, but it is very low.