A lot of people are panicking in the wrong direction.
If this is true, the last thing you should do is sell your BTC on Mt Gox for USD, because you might lose access to those dollars for an indefinite period of time. A more productive way to panic would be to buy up as many BTC as possible and withdraw those.
Yup this is the best course of action and it will give much needed liquidity to other exchanges and away from Gox. I was concerned about the lawsuit so I moved the remaining fiat out of my Gox account in case SHTF down the road with the lawsuit. I didn't think anything would happen this quickly although we don't know if the two are related or not.
I'll probably do purchases going forward via Coinbase (have used them multiple times in the past, great service). Fiat stays in my FDIC insured bank account until I need to make a purchase, then I move the BTC out of Coinbase once the ACH clears to a paper wallet. Minimizes the time you have to trust these exchanges.