A friend of mine just got his Cobalt recall notice.
It acknowledges the defect, specifically mentioning it can lead to a loss of electrical power, engine shut down, and air bags failing to deploy. One thing they don't specify however, is that the Cobalt also has electric power steering, making it very hard to avoid an accident when the car shuts down.
They recommend removing everything from your vehicle key ring, including any key fob that came with the car.
The best part is under the "What will we do?" section:
"PARTS ARE CURRENTLY NOT AVAILABLE, but when parts are available your Chevrolet dealer will replace the ignition switch on your vehicle...."
TL;DR, GM to all affected owners: