If I remember correctly, many years ago there was a statistic from Amazon.com that each minute of downtime cost them $100,000 in lost business. The company's much larger now, so that number should be much higher. I don't think people realize just how strong Amazon.com is, they did 15 Billion dollars in revenue in 2007... a little downtime is not going to affect their reputation for incredibly low prices, extremely fast shipping, and excellent customer service.
Didn't the outage coincide with the release of a popular video game? (Metal Gear Solid 4). That's the rumour I heard. That it was a legit DoS attack by thousands of gamers holding down their "F5" key waiting for the presale to begin.
Most Godaddy clients have not been able to receive AWS since Amazon came back up. Don't know if Amazon is blocking Godaddy. No one has seemed to figure this one out yet. But it has been a few days now and there are a lot of angry developers out there.
What's the big deal? Web sites go out and come back all the time. It's only a matter of time before a big one, like Amazon, goes out too. It's the nature of the internet. With over 30,000,000,000.000 pages out there, there's bound to be some trouble all of the time.