It's a common problem, much more than an oxygen sensor.
You should be able to find a thread using the search feature. The repair procedure is to replace the convertor and reprogram the ECM. Only the dealer will be able to do the reprogram.
I can't recall if the TSB also extended the mileage or not. Federal emissions warranty is 8 years or 80,000 miles whichever comes first. It may have been extended to 100,000 miles but I really can't recall at this time.
Try searching this forum. I'm sure that you'll find the information that you need.
Edit: The warranty is NOT extended. I did a search for you and found this information/TSB:
I believe this is the Above mentioned TSB. Make sure your VIN falls in the affected range.
ENGINE
EG024-04
REVISED
Title:
M.I.L. "ON" DTC P0420
Models:
'02 - '04 Camry (2AZ-FE) (Non PZEV)
July 1, 2004
TSB REVISION NOTICE :
^April 3, 2007: A new step 3 and Figure 2 have been added to the ECM Reprogram Procedure (regarding removal of the 10A ECU-IG fuse). Previous Figure 2 is now Figure 3.
^July 27, 2004: The OP Code in the Warranty Information table has been changed from Combo A to Combo B.
^July 7, 2004: The Parts Information, Warranty Information, Applicable Vehicles and the Note in the Introduction have been changed.
All previous versions of this TSB should be discarded.
Introduction
Some 2002 - 2004 model year Camry vehicles equipped with the 4 cylinder (2AZ-FE) engine may exhibit a M.l.L. ON" condition with Diagnostic Trouble Code (DTC) P0420 (Catalyst System Efficiency Below Threshold, Bank 1) in the Engine Control Module (ECM) (SAE term: Powertrain Control Module/PCM). The ECM (PCM) logic has been modified and a redesigned catalyst has been provided.
NOTE :The repair procedure in this TSB is similar to TSB No. EG013-04 "Excessive Sulfur Dioxide Odor." The recalibration of the ECM (PCM) should only be performed ONCE.
Applicable Vehicles
^2002 - 2004 model year Camry vehicles equipped with the 2AZ-FE engine (non PZEV) and automatic transmission produced BEFORE the Production Change Effective VINs shown below.

Production Change Information

Warranty Information
Applicable Warranty*:
This repair is covered under the Toyota Specified Major Emission Control Component Warranty. This warranty is in effect for 96 months or 80,000 miles, whichever occurs first, from the vehicle's in-service date.
*Warranty application is limited to correction of a problem based upon a customer's specific complaint.

Parts Information

Required SSTs

ECM (PCM) Identification Chart
ECM Reprogram Procedure
1.Check for the Authorized Modification Label affixed to the vehicle in the location shown in Figure 3. If there is no label present, proceed to step 2.

2.Connect the Diagnostic Tester to the vehicle and select ~CURRENT ECU CAL" from the ECU REPROGRAM MAIN MENU." To determine the vehicle's current ECM (PCM) calibration, see Figure 1 below.

3.Remove the 10A ECU-IG fuse from the instrument panel Junction Block (refer to Figure 2 for location). This action prevents possible activation of the ABS relay, resulting in ECM Reprogramming failure.
NOTE :ECU damage may occur if the 1OA fuse is NOT removed.

4.Proceed to Flash Reprogram the ECM (PCM) by following the procedures in TSB No. SS002-01 titled "ECU Flash Reprogramming Process," for 2001 and later applicable models.
5.Select the proper ECM (PCM) calibration file for the model year vehicle and reprogram the ECM (PCM).
6.Start the engine and warm up the vehicle to normal operating temperatures before test driving.
7.Test drive vehicle to confirm proper operation and to readjust the ECM (PCM) "Learned Values."
^Drive the vehicle using light to moderate acceleration in mostly stop and go type driving.
^Allow the vehicle to shift fully through all gears and at various shifter positions.
8.Enter the following information on the Authorized Modification Label shown below in Figure 3 using a permanent marker.
^ECM (PCM) part number.
^New ECM (PCM) calibration number.
^Your dealer code.
^Reprogramming date. This TSB number.
Catalytic Converter Replacement Procedure
Refer to the Technical Information System (TIS) 2002 or 2004 model year Camry Repair Manual:
Exhaust Pipe Assy.
__________________
That information is from this thread:
http://www.toyotanation.com/forum/t228935.html