Microsoft Engineers "Working Agressively" to Fix Xbox Live Service
"Xbox Live experienced a service issue today affecting some users of our Cloud Saved Games feature. Our engineering teams are working aggressively to resolve the issue in order to restore storage access back to full performance," an update reads on the Xbox Live Service Status dashboard. "We will continue to report updates on the Dash. We take an issue like this very seriously and are taking extra steps as we resolve it to help protect the integrity of our members’ game save data. We apologize for the inconvenience."
On the plus side, you can still access other services. Hulu, Netflix, ESPN, Epix, and the whole lot are all listed as being "up and running" on the dashboard, so there's plenty to occupy your time before loading up those saved game files sitting in the cloud.
The service interruption affects both the Xbox 360 console and Xbox.com.