UPDATE: Nightmare is over. Gchat is back up.
"We're investigating reports of an issue with Google+ Hangouts," a Google spokesperson told Mashable. "We will provide more information shortly."
With around 425 million monthly is the leader when it comes to mail services. Yahoo, Hotmail/Outlook (pft), AOL (snort), and EarthLink (chortle) users? This is the one day when you get to gloat.