The servers are now back up. To let you all in on what's going on, the database server has just received a first round of upgrades. Over the course of the next week or so, several other changes will be made to increase server performance, culminating in changes introduced in next week's patch.
These upgrades will allow more players to be online concurrently, which should help reduce the queue times.
We'll keep you informed as any changes occur, and we'll do our best to conduct any such changes during off hours, so as to affect as few players as possible.