So at this moment (but most likely not for long) Reddit, Meetup, Fark, LinkedIn, Yelp, 4Chan are all down. Netflix apparently was out for a while too.
According to R
Certain Linux kernels (versions before 2.6.29) have issues handling leap seconds, to the point where it can cause a kernel panic. Other Linux kernels can suffer from a livelock. This obviously has detrimental effects for the system, given that it requires a reboot.
Here's the related ServerFault question on this topic, since it's really a Linux server issue.