They did not rip you off. Yes, they have taken more time than others have, but they are a very small player. They must have been extremely short handed to process all these orders.. I don't blame them at all.
You're missing the point.
(1)- They have taken over three days to let people know that their order that says 'shipping soon' is in fact : cancelled. Unacceptably long. A day is too long, three days is insane. 2-4 hours : somewhat irritating but okay.
(2)- This is 2011, it's not asking too much to have their ordering system be up to date enough to not allow more orders than actual inventory.
(3)- According to the data gathered over at SD, they used almost a lottery-like system for picking who got to get actual units. Time wasn't it, as people showed orders that got accepted for multiple 16 or 32gb units half an hour after people's single orders that were cancelled. Priority shipping seemed to have some effect, but not conclusively. For the sake of fairness, it should have been ordered by priority of order time, and ideally 1 unit per customer.
(4)- Also gathered at SD, they are not some tiny rinky-dink outfit that was suddendly broadsided, they're associated with MacMall and some other serious player. The errors in management are evident by this poor performance.
(5)- Funds are still on 'hold/processing' according to my bank. Will eventually be released, but it's an annoyance to be sure.
So yeah, they dropped the ball, they deserve everything they get. They handled it terribly from beginning to now.