Yes, it is a massive problem that is not getting the attention it should. This is what happened to me. A couple of months ago my apple id / password was compromised. I found this out because I received a bunch of paypal charges coming from a a couple $20 iOS game purchase. Even after removing paypal from my iTunes account, the charges still occurred. I couldn't change my password or do much of anything with my iTunes account. I must have reset my password 50 times and it didn't work. I contacted iTunes support and they confirmed my account was compromised. Because my account was compromised they said I could no longer use my current email address/password for iTunes. So upon iTunes request I provided them with a new email and they set me up with a new iTunes account. Lots of back and forth for a good week.
For what I can tell, those who have had password issues were those who had used simple passwords... (no numbers or capital letters). Apple now requires passwords to be more unique with numbers and capital letters. I believe this is causing a lot of problems for those who used simple passwords before this new requirement. I know of 3 other people who used simple passwords and they are all having password issues. My sister and brother in-law both have more complicated passwords and they haven't noticed any password related issues.
You might want to set up a new iTunes account.