Currently Being ModeratedMay 15, 2012 5:09 PM (in response to ksherman_86)
I've raised an official bug with Apple which the finally acknowledged. They are aware of the issue but are looking for more cases. Can you go here http://bugreport.apple.com/ and add a new bg report with the following details:
Title: iTunes Match 60000 Duplicate Playlist with summary:
Creating a playlist on my iPhone with iTunes Match caused iTunes Match to duplicate it over 60000 times.
Put any other details you can think of including your iTunes version and iPhone sw version.
Hopefully they can sort it out.