It's not the contained rods in the reactor I'm worried about, it's the twenty years worth of spent feul rods they store right under the roof of the reactors that worry me.
“Chernobyl on steroids.” don't sound good no matter what planet you're from..
The media reporting on this has made me sick, frankly. I have a very basic understanding of nuclear physics, and I could immediately smell something fishy, spending half an hour doing some simple research told me I was right to.
The whole situation has been handled very badly, yes - neither the earthquake nor the tsunami damaged the reactors, and yet we're still in a worrying situation. It's not, however, anywhere near as bad as most of the media are making it out to be. "Chernobyl on steroids" is about as sensationalist as you can possibly get, it's a literal impossibility for that reactor design to go up like that. If the japanese had built new design reactors years ago, like they wanted to (But were blocked by anti-nuclear lobbyists) there wouldn't even be an issue right now, they'd just have stopped - but they didn't.
Still, take everything the mainstream media is saying about this with a truckfull of salt, there has been very little accurate reporting, and not just scientifically. I believe Fox News, for example, described a local bar as a nuclear safehouse, and just today we've had reports that china have detected unsafe levels of radiation on flights coming in and two people have been hospitalised. What they failed to mention was that one of them slept overnight and then left after getting a clean bill of health, and the other one had a shower, then left, and that all detected radiation was well below accepted safe levels. We're not quite at fallout or stalker yet - so you can either panic, and never eat another banana in your life, and certainly never go outside, or you can accept that right now, there's no reason to believe there will be any lasting impacts.
edit: RE: Nuclear waste, we now have reactor designs that can use nuclear waste as fuel.