There are reports at Google Webmaster Help and WebmasterWorld from users reporting that Google is reporting they have zero indexed URLs.
The report is in Google Webmaster Tools within Sitemaps, the place Google suggests webmasters look to check accurate index saturation count.
One user said:
Since yesterday all my web indexed pages turned to 0.My sitemap is reachable and readable? and marked green in webmaster tools.
I made no changes in webmaster tools.
I wouldn't panic, there are lots of similar reports now. Personally, all the sites I checked were fine. So either Google just fixed it or it is not affected all Sitemap files.
We had several similar cases in the past, including in 2008 and a couple in 2010.
Again, this should just be a reporting glitch and it should be fine.
I should note that Google has not confirmed this as a bug yet, so I cannot be certain.
Google Webmaster Help & WebmasterWorld.
Update: Google confirmed this is a bug and is only a reporting glitch.

Comments:
John Mueller
12/10/2010 03:09 pm
Hi Barry, we added a post to the status blog at http://webmaster-forum-announcements.blogspot.com/2010/12/known-issue-sitemaps-indexed-url-count.html which we'll update as we have more information. As you mentioned, this is just an issue with the reporting, and does not affect the crawling, indexing, or ranking of the sites that are seeing this.
Barry Schwartz
12/10/2010 03:31 pm
Just saw the post on the status blog in Google Reader. Will add to post now. Thanks John!
@JoeHobot
12/10/2010 06:45 pm
That "reporting Glitch" took 20 minutes of my life checking for something I should not worry about