Hmm. If the effects of SQLSlammer were like Code Red, the Internet definitely wouldn't have been paralyzed for several hours. Besides that, what important Internet functions run on Microsoft SQL Servers? Sounds like a lot of hype again. The effects of transferring domain control of .org from NSI to PIR have had much more severe impacts (constantly having problems with nameserver resolution for domains).
At tagesschau im Internet there's the original article.