The weird bug has been identified as a House Centipede thanks to the helpful people at BugGuide.com. This insect is considered beneficial as it is a voracious predator of other bugs of a similar size like roaches, earwigs and I hope ants (we have ant infestations on weekly basis). I was a little concerned that it was poisonous, but the info says:
"House centipedes are aggressive predators to things their own size but are not considered dangerous to humans. Their small jaws (actually modified front legs) cannot easily pierce human skin. In the rare event you were bitten, pain and swelling may result, but it would probably be no worse than a bee sting."