All the sold out status means is that Sprint has decided it better stop taking orders for product it does not have and cannot get.
Does not change the fact that Sprint sold product and charged credit cards several million dollars for items not in thier posession nor able to ship. I suspect the banks will be involved soon and they have violated thier CC acceptance rules as well. This whole fiasco is going to cost Sprint money and worse, public opinion that they sorely need.
How have they violated anything? Were any of those people lied to? I don't think so. The devices are here and awaiting release to Sprint (and others) after the ITC and ICE review. But Sprint never guaranteed anyone a device by a specific date. Furthermore, when most people pre-ordered I doubt Sprint had many, if any, devices on hand to fill those orders.
My guess is that everyone was in the dark on this, including Sprint. As recently as Monday, they were touting the 18th as THE DAY! They have a huge amount of egg on their face, but it doesn't take more than a 3rd grade education to realize how easy, from a public relations standpoint, Sprint and ATT can both come out of this smelling like a rose, HTC looking a little silly and Apple looking like the Big Bad Wolf.