This issue does seem to be isolated, so some users may not be experiencing connectivity problems. Most reports on Twitter seem to be focused around the Featured Section and Top Charts.
Trying to purchase some songs, books and movies also throws an error. Interestingly enough, the Apple System Status page reports no issues. Earlier today, some users had troubles downloading the Skype update, but users found deleting the app then downloading it resolved any issues.
Let us know if you are having problems in the comments section below! We'll let you know when things seem back to normal.
Update: Services seem back up.