The hysterics around the PSN breach have become incredibly hyperbolic.
I suspect you're saying the news media is "is rife with with hysterical hyperbole at a hyperbolic rate" -- so based on that... isn't that always the case?
Look at anything in the news now. President Obama of the US has released yet another copy of his birth certificate because people in the media are claiming he was born outside the USA.
At any rate, that's all off-topic. The point of the matter is that this is a serious breach. The most serious release of private consumer data that I know of in terms of scale. And I've been involved as a customer in at 3 such cases (Citibank, US Veterans Affairs, and Boston Globe) -- now, 4. And work at an organization that had to deal with this (someone going walk-about with a laptop), so I'm especially sensitive to this. Which also explains my taking rather draconian steps with safe-guarding my accounts (regular password changes with no two sites using the same passwords and challenge questions) and also monitoring CC transactions on the one CC used exclusively for online purchases (I don't even bring it with me in my wallet.)