It's not really going to be any worse than AV2009 or 360. This just got nabbed by the media and they ran with it. This kind of stuff goes on constantly. If the general population was even mildly aware of all of the Virii(?)/Trojans/etc... that come out every week/day, everyone would panic and no-one would even think about connecting to the internet, let alone things like "cloud computing". Let's not turn the reporting of every Virus/Trojan/Worm into a newsworthy story. Remember Y2K?
It's not likely that the author of the worm (if it does exist, which I'm pretty sure it does) will ever be caught. But if all of Microsoft, other third party organizations and companies like Symantec and McAfee can't stop ONE programmer from writing a worm thats going to do this much damage, then we're screwed anyway, right?
What this does do, is kill the budget's of otherwise profitable and efficient organizations and line the pockets of profiteering I.T. companies and so called "pest-removal" companies by providing a sales pitch.