The issues related to logging in to the European PC/Mac megaserver have been resolved at this time. If you continue to experience difficulties at login, please restart your client. Thank you for your patience!
I am absolutely sure they are painfully aware of it, and are in panic mode right now. It seems likely that we will see some kind of official word on this very soon.
Ye the pvp is amazing but if you want to spend a good Sunday afternoon in cryodiil be prepared for about 10 relogs to fix various bugs, faults and other latency issues...