Xbox LIVE status (Updated again)

I just wanted to let you guys know that LIVE has been having some issues over the past few hours, specifically when trying to connect to the service. The Operations team is tracking the issue and is working on resolving it as quickly as possible.
When I get more details I will let you know.

Update: I just heard from the Operations team that they have tracked down the issue and addressed it. You should no longer be experiencing any issues. Thanks for your patience.

Update: (Friday, Dec. 28 @ 4:50p PT) Problems have resurfaced. The engineers are fully engaged and actively working on this. Again, we appreciate your patience. I am providing more frequent updates via Twitter.

Update: (Saturday, Dec 29 @ 3:15p PT)  As you may have noticed, over the last few days we have experienced record numbers of new members signing up for Xbox Live and record numbers of players online.  This has contributed to some Xbox Live consumers experiencing difficulties signing onto the service. Our engineering teams have been working as quickly as possible to remedy the situation and have already made a number of improvements to the service.  We are continuing to monitor service levels around the clock to insure optimal performance.  We appreciate your patience during this time period and thank you for their ongoing support of Xbox Live.

I am still providing regular updates via Twitter.

I am locking comments on this post since I have made a new one