Terry - essentially correct.
Its not the objects that undergo a sudden change, but the spacetime they move through alters when they suddenly change in mass. Mass (or energy) curves spacetime, change a large mass as proposed (yes not conserving energy or momentum or matter - as Heinsenberg or quantum mechanics appears to allows us to do, on at least a very small and localised scale) and you change the spacetime and hence the paths through it.
So you would see a compounded shift in orbit, from both a new barycentre added to spacetime itself curving less once the mass dissappears.
So had the thought experiment been every second atom in both the Sun and Earth just dissappear into the quantum foam, leaving no change in barycentre, you'd have a slightly harder problem - still solved the same way under relativity.
Neat huh?
PS
Moon not need in this experiment, maybe it would be better to say if Mecury...
PPS
No bright star, just a loss of rest mass that would keep theoretical physicists scratching their heads for years