Threads across multiple forums have been really interesting. Thus far I've counted 70+ with no reason to suspect alternative reasons. Each forum appears to be adding at least 2-3 per day. If you took part in this, then you should worry, but it won't do you any good. Is knowing your about to get rammed any better than just being blindsided when you know the damage is the same for either?
The commonality in the threads: if you only downloaded one game... the account will likely be banned and console should be fine barring previous infractions. If you created two or more accounts, you'll likely see an immediate console ban when they get around to you unless they have a magical policy shift.
It's the weekend, unsure if they have weekend warriors or not. Personally, I empathize with each person who gets banned over this, especially since finding out that this has been going on in various regions for year... all of which have been without consequence. Then having to deal with people comparing their plight to something so far off base it just makes them look ignorant (sorry, region hopping is not like robbing somebody's home or hotel because it's unlocked. There's no sign on the door clearly stating "free" ... nothing needs to be INFERRED/IMPLIED as price is EXPLICIT).
The XBLET is not at fault for simply following protocol. They were likely told to remove all the accounts from those regions created in the last X number of days with no reason. Doubt those who operate the code for XBL came out and said "Oh hey, we messed up by failing to put prices on games in these regions" because that would likely have meant their job. Of course, banning of accounts logs a mark against the most recent console. Multiple accounts = multiple marks = bans.