Its been 3 days since the undersea cable between India and Middle East got cut by a ship and according to some analysts about 75 million people got affected by the cable cut. The internet speeds across India and the Middle East was slow, but I personally haven't observed any speed drops on my connection. May be the global torrents have slowed down, but downloads from http/ftp and surfing speeds have been unaffected.
A Detailed Image of Undersea Internet Cables (courtesy Guardian & Telegeography: click for a larger image)
A gist of what everyone's reporting:
The latest reports suggest that there has been a third cable cut in the Middle-East known as the Falcon. But this won't affect the current traffic which is now being temporarily redirected through the older SeaMeWe-3 cable.