Same issue here. Since yesterday iTunes has locked me out by forgetting my password. Then, when I was finally able to get my password reset, I get locked out of the content that I have paid for.
While I understand that the entire authorization system is meant to prevent fraud and piracy I see this as a loss of income in a sense. I've paid for it. I want to watch it whenever I want. I want to NOW.
I'm not looking for a handout from Apple over this, but it would be nice if they were a bit more open about outages and a little more willing to say "We are sorry. We value your patronage. We would like to make it up to you for more-or-less ruining your Friday night." (that goes for you too, Netflix)
I am sure all of this is due to system updates for the upcoming Apple iPhone announcement. iCloud is rolling out any time now, and nobody should be surprised that Oct 4th's "one more thing" will be related to iOS 5 on AppleTV.
All-in-all i suppose we all will have to take these little hiccups in stride, and not get too worked up about them. It would be nice, though, if Apple could throw it's loyal, long-time customers a bone every now and then.