Reports have been steadily coming in for the past few hours that users are unable to download songs, searches are timing out, and the App Store is not working properly from the iPhone. Several users have also posted threads on the iTunes discussion board with connection problems.
I myself had troubles with searching for music from iTunes earlier today, but things seemed to be working better a short while later, so I figured things were fixed. Since then, however, we have received several other reports of troubles, yet things are working fine for me still. So it seems that this could be chalked up to routing troubles depending on your location, or it may just be intermittent and I've been lucky.
Either way, it's safe to say that there is definitely something going on, although exactly what it is remains a question. Searching seems to be working, albeit a bit slowly, and downloads are working fine for me, but others have reported not being able to download at all. As they say, YMMV (your mileage may vary).
Are you having troubles with either of the stores? Let us know in the comments.
Thanks to everyone who sent this in!