No, it's not as bad as. It's the downright worst case scenario. Everything that can go wrong, either has gone wrong or is at risk of going wrong. Many people are drawing comparisons, most of 'em seem to resort to comparing the Xbox red rings of death to this. Yeah, company wise they suffered and while the consumer did too they were assisted, like free repairs and whatnot. A rather annoying inconvenience.
What we're talking about here is the confirmed and guaranteed leak of your data; Name, address, date of birth, e-mail, password, acount recovery questions, the likes. Then there's the possibility of creditcard details having been compromised as well. It's a double whammy, the first bit basically is an identity thief's wet dream. Second, your actual income's somewhat on the line too now if the creditcard details have been nicked as well.
Ontop of that, there's no online capabilities at the moment. Effectively grinding the entire ordeal to a halt. Combine that with people desperately wanting to delete their creditcard information, addresses, change emails and passwords and whatnot and you got yourself a shit-hit-the-fan-scenario so fucked up, it's roasting Sony, the players, everyone.
Red rings... Christ.