I think it is possible that the storms have something to do with it.
I use Little Snitch, and something that surprised me when I first signed up for iTunes Match was that there was a fair amount of traffic going to and from Amazon servers. I don't remember some of the other servers, but the fact that Amazon's VA data center got hit with that storm might have affected at least part of the Match services.
I also remember from reading some of the press after the Amazon data center went down was that not only was it an issue with power failures, then the backups failing, but also there was an issue with the custom Amazon back-end software that handles how to redistribute the Cloud in the event of a power failure.
A bug in their Elastic Load Balancers (ELB) software — which customers use to spread internet traffic across different Amazon data centers — caused this important service to get overwhelmed across Amazon.
-From Wired
It could also be something like a bug-fix or patch that rolled out and now they're having issues with.
Finally, and I'm guessing this is unrelated, but the App store had issues towards the end of this past week with corrupt App updates. Something to do with DRM, and has since been fixed.
It's my understanding that iTunes connects to Apple's NC data center (right? It is up and running?) among others, Amazon servers, and other servers owned by other companies located in the Northeast US (can't remember the names right now).
Somewhere there's an issue on their side. I agree with the call for information from Apple, but I'd be happy if it was simply fixed.