"Massive" definitely appears to be an over-statement.
Having spent a bit of time following this up, and some of the history, I find the following:
1. A significant number of accounts have been hacked, but the number is in the dozens or hundreds. This is based not on the number of posts reporting 'my account's been hacked' but on the volume of 'sales' of the offending products. They are in parts of the store where best sellers sell in dozens, not thousands.
This is obviously a serious problem, especially for the victims, but "massive" isn't the adjective for this volume of a multi-million-user store. Compare with the recent AT&T iPad hack which affected over 100,000 people.
2. There is a persistent history of people having their iTunes accounts hacked, i.e. this has not just come out of the blue. Whether that means there's a specific set of vulnerabilities in the iTunes store, I don't know.
3. It's easy to check if you're a victim. Sign in to the iTunes store and check your recent purchases.
4. If you're concerned, change your password following Harry's advice.
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