After a few days, the coins will be transferred back to the sender. You need to ask him to resend the coins, perhaps with a higher transaction fees next time. You need to pay a minimum of around BTC0.001 to get this confirmed.
You are correct, for future reference, here is the complete calculation on how this 0.001BTC fee is calculatedthe transaction size is 339 bytes, the current optimal fee for a 95% chance of getting into the next 3 blocks is 353 sat/byte (according to my node)
339 bytes x 353 sat/byte = 119667 satoshi's = 0.00119667 BTC
So, a 0.001BTC fee would be a tid bit lower than the optimal fee, but it would still be sufficient to get into a block in less than an hour (with odds of 95%).
This is about the fee my fee estimator estimates at the time of writing when using option 2 with 2 inputs and 1 output:
http://www.mocacinno.com/page/feeestimate
So if you want, you can use this tool next time you need to estimate an appropriate fee
very helpful 
