I like Ryan Singel. He was the first reporter to write about YC. So I can't really begrudge him the pageviews he knew he'd get from HN over this. But 'taint really news.
But I'll disagree about the news value. The complaint's allegations about what Dropbox promised, versus how the architecture actually works, are pretty strong.
Soghoian knows his tech and he knows the FTC (he used to work for them). I like Dropbox. I use Dropbox. But the blog post Dropbox keeps pointing to doesn't explain the discrepancy between what users were told about security/privacy and how the service works in practice (centralized encryption keys).
It is referenced in both as a complaint and is news for wired readers, not necessarily here (though the FTC complaint being filed here is new).
The FTC regulatory model depends on market participants to tip them off when companies are breaking consumer law, so this could be the first step in an eventual action against DropBox.