It's definitely serious, but it's not a full-scale meltdown. There was a partial meltdown in reactor 1, but as of yet the amount of radiation that has escaped into the environment is lower than originally expected.
The attention is now on reactor 3, in which the water level has dropped which might indicate a leak in the vessel. It's essentially speculation at this point.
Edit: By "not as serious" I am referring to the rampant speculation that a full-meltdown is underway. It's still deadly serious, but not in the manner that it's already out of control.
Edit 2: This is by no means a chicken-little scenario, but the plutonium level in reactor 3 is greater than reactor 1. So it's even more critical to prevent any meltdown. However, there are far more people involved since the international community is now available to assist and evaluate the situation.