Update: GoDaddy says service is completely restored, and that the outage was not the result of a hack. Full statement here.
When asked on Twitter how long he plans for this to go on, Anonymous Own3r indicated that it could last for one hour or for one month. Here's the exchange:
@film_girl when i do some DDOS attack i like to let it down by many days , the attack for unlimited time, it can last one hour or one month
GoDaddy has tweeted that it is aware of the situation, and is working on it. It will be interesting to see how long it actually does go on. Meanwhile, people just want their sites to work so they can get on with business as usual.