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According to their Twitter, they're doing a DB Upgrade:

<DropboxOps> We're currently upgrading our database server. We'll require about 30-45 minutes of maintenance until everything's back up.

Confirmed on the forums and status site.

I'm a relatively new user (past few months) but do they usually send out any notice on downtime?

Do they use their own DB or is it based on Amazon RDS? It would be interesting to know where the downtime is coming from.