Fukushima Nuclear Accident – a simple and accurate explanation

Along with reliable sources such as the IAEA and WNN updates, there is an incredible amount of misinformation and hyperbole flying around the internet and media right now about the Fukushima nuclear reactor situation. In the BNC post Discussion Thread – Japanese nuclear reactors and the 11 March 2011 earthquake (and in the many comments that attend the top post), a lot of technical detail  is provided, as well as regular updates. But what about a layman’s summary? How do most people get a grasp on what is happening, why, and what the consequences will be?