~5:30. No, we've read and heard those words many times, and looked at them from several angles. They certainly don't make the Orthodox apoplectic. What's confusing is the logical leap of the Keys from Peter, to all the bishops who succeeded him, specifically and only in the city of Rome. In the Orthodox realm, both the Patriarchs of Antioch and Jerusalem also have Petrine succession (yes, there are multiple successors to Peter!), and the See at Alexandria was founded by St. Mark, on direct commission by St. Peter. Despite doctrinal disputes, the only special claims to Roman authority based on St. Peter came several hundred years later. To begin with no one ever acted as though succession from St. Peter was much of anything special. Heck, Pope Honorious I was even anathematized as a heretic by Church council!
And I know where that will go from there... Pope Honorious I was not speaking ex cathedra, and was therefore not a heretic. However, the legal term ex cathedra did not exist until much later, and he was truly considered a heretic and anathematized as such (even in Rome) until this became inconvenient for growing Papal claims to authority.