97 Protege 1.5L - what if timing belt brakes?

[CMOLDOVANU]

I was wondering what would happen if the timing belt would break?
Would the engine become useless, as some valve rods would badly bend?
If I was on the road when this happened, would I loose the power steering? power brakes?
I'm thinking about replacing the timing belt, I have about 75 k miles on the car, and at 60 k when I bought the car, the mechanic opened the case, took a look at the belt and told me it was in very good condition.
He also tells me now that I should replace the water pump once I change the timing belt, even though there's nothing wrong with the pump.
Any input would be appreciated.
Thanks, Calin

[beethoven]

Just bougtht a '97 today. Thought I'd join the forum. Did some research before buying. Literature (non-mazda) recommends changing timing belt every 96000km - safe 100000. What happens if it breaks - nothing good. Water pump issue - service is cheating you - Honda's timing/water pump same belt system. Service at Mazda told me on '97 Protege water pump on a different belt - not necessary to change until it fails.