I seriously doubt it is server load since they developed a queue system during open beta, I think they have a memory leak or something which starts running in the background. The load times were getting progressively longer until it finally crashed today.
I would say it is most definately server load, and the even worse news is that the game is on release in 2 days time so it will be a lot worse!
One thing that is allways odd is the reluctance of any company to put money in the hardware that is supposed to be running their games, yes they all do it.
The most stupid thing about this way of thinking is that they do it on purpose as they expect to lose X amount of accounts during the first few months so they think the servers will then cope. And the stupid part is that they lose X amount of accounts because the servers are generally poor! (this is all mmo's that have been AAA rated in recent years, so my guess is that they all follow trhe same business model.)
why not do what the banks do and have 2 of the same servers going at the same time one playable one moddable then if one goes down another comes online then you fix the first one and move the servers back at a nice user friendly time