My Panel has been down for well over an hour and my ability to FTP is down, too.
Most frustrating thing is if you try to email support you get an auto-response telling you to use the panel to ask for help!! I can't use the panel for anything... what do we do when we want to tell support the panel is down!!?? I ended up sending an email with an old ticket reference number in the subject field and it went through. But still no response an hour later.
I'm a new customer and this is a big disappointment to me.
Just noticed that they are aware of the problem and it is on the status blog: http://www.dreamhoststatus.com/2007/12/05/paneldreamhostcom-issues/
Please go to suggestions in your panel and screen/vote for my suggestion (or one of the other 2 similar suggestions) for DreamHost to allow us a way to contact support when the panel is down!!