Indeed it is.. Same thing happened when the Beta went live but there wasn't quite the traffic that there is now..
I think the highest amount of people on at one time when the Beta was released to the general public was something like 600.. When the RC went live that number was easily doubled.. that's a HUGE strain on the server all at once..
I imagine the traffic will slow down some soon though once the initial "problems" and "glitches" are taken care of and we'll be back to a comfortable ripple..