Well, I don't mean to imply that it is perfect but once I got past the race, I played for 6 hours straight last night and had a blast. All my stuff was still there this morning. I do expect to run into issues where my character doesn't save or even have to start over. I hope it gets fixed soon.
LUCKY! I read that if you press X long enough (30-45 minutes) on the "rockstar cloud server down" message it may eventually gather your character etc.
I have class until 6 today so hopefully it'll be better. As long as it's fixed by friday / saturday i'll be happy.