Xbox Live users report Gamerscores dropping to zero, MS aware of the issue [Update: potential fixes]
Microsoft is already working on it, noting on its support page "We are aware of the problem and appreciate your patience while we implement a solution." Joystiq is trying to determine the cause of today's issue, and will keep you updated as the story develops.
Update: Microsoft says you should sign out and sign back in, and suggests you try re-downloading your profile if the issue persists.