Looks like the host is back up and they have moved on to their regular maintenance. II say this because the launcher updated and went through patching process, though there was no patch, but the login is down as it would be during normal maintenance. Not too much longer I assume!
My guess is that the hosting company is replacing a blade or something. This can take time. They have to replicate to the blade and then run sustained tests to make sure it can handle normal / severe server conditions. I assume it will be quicker than 8 hours. We shall see.
On another note, I do believe that all Zen Market items should be BoA, however, the cap on the ZAX should be removed so that people can sell their Zen at a rate that they are comfortable with. I agree with the post that mentioned the items from lockboxes will go up, as well as the post that said enchantments and profession…