Update: According to the Xbox.com support page, Xbox Live is up and running but some users may encounter issues with matchmaking and voice communication. Apparently technicians are working on the issue as we speak ... uh ... I mean type.
Reports are coming in from readers that Xbox Live is currently encountering intermittent connection issues, by that we mean playing online, voice communication and even connecting to the service seems to be touch-n-go. The support page for Xbox.com has verified the service has hit a snag, while Major Nelson updated the situation at 11PM EST letting Xbox Live users know that "[the] team is updating [the support page] as conditions change."
While we understand the frustration our readers are feeling we'd like to echo a comment made when Live was down on Monday, better it be now than on or after April 29. No excuse we know, but we're trying to find that silver lining.