SR Twitter feed has the most up to date info on the DDOS attacks on PSN and Xbox Live.
https://twitter.com/ShadowRavenClan
Lizard squad is taking responsibility for the attacks yet again, however neither Sony or Microsoft have confirmed or denied anything related to the suspected DDOS attack.
Late last night they were supposedly paid off with $300,000 worth of private storage space by a private company, the servers were online for a few hours then went back off early this morning.
EDIT: Kotaku has released an article regarding the attacks - http://kotaku.com/hackers-explain-why-they-supposedly-took-down-psn-and-x-1675448709
EDIT: Servers mostly back up guys - https://twitter.com/ShadowRavenClan/status/548856703257960448
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Shadow Ravens - All aboard the short bus. Please stop believing everything you read on twitter.