It's not the first, perhaps we can have some close up photos or even arrange to have it analysed? Is its origins known?
As for the best course of action, chances are there's very little you can do. Steering towards the damaged side and coasting to halt would be the best way to keep it from ploughing into the ground, but that's unlikely to be practical unless you're luck enough to be in the middle of a deserted car park. You're also unlikely to be aware there's a problem until you're digging a groove in tarmac, you could try braking but there's a fair chance the hydraulics have already been ripped off.
Welshdan,
Can you say with any certainty that was the cause or just an effect of the remnants hitting the road at speed?
that was the only thing that was broken. the end of the balljoint was still though the bottom arm, nuts etc intact. the balljoint thread snapped in half, there were about 3 threads left on the one side, and one the whole diameter. he was only 5 mins from home, I took some tools down, we split the balljoint out of the bottom arm, put it back together and drove home !!slowly!!!
as said its not surprising that sometimes things like this might go with the state of the roads around here.
they are seriously rough