This is worse than the 8-hr outage of S3 sometime ago... most apps could still respond without S3 static assets. If your entire app is hosted on AppEngine, you're screwed for 4 hrs and counting...
I don't think so. Javascript files hosted os s3 would hang the page loading and without css/images the app would be useless too.
[Edit: And keeping a hot copy of that data is a lot harder than it sounds]