Yeah, pretty much
Because you're thinking "meltdown" means "OMG END OF THE EVERLOVING WORLD", and it really does not. If it breaches the reactor's pressure vessel, that's bad; if it breaches the surrounding containment building, that's quite likely disastrous, but that's also not terribly likely to happen -- the molten core by itself wouldn't be enough, there'd need to be a steam explosion which they appear to be very much staying ahead of with the steam releases from the buildings.
You're thinking Chernobyl, but you shouldn't be; that reactor didn't even *have* a containment building -- the RBMK design in use at Pripyat was pretty much what you'd get if you took every advance in reactor design since the Windscale fire, lit the whole stack on fire, and then built as many potential disasters into your own reactor as you could possibly manage to squeeze in. So when the Chernobyl pressure vessel blew, that was all she wrote: instant dispersion into the environment, 30km exclusion zone maintained for decades, enough to make even the Soviets decommission their remaining RBMKs, you know the story.
The Fukushima reactors may indeed be forty-year-old boiling-water reactors from the dark ages of nuclear engineering, but they're not nearly as bad as an RBMK; judging by what little I've been able to find that describes their design, they're actually not all that different from the reactors in use at the Three Mile Island generating plant when they had their little accident. That incident ended with a large fraction of the reactor's core molten and puddled in the bottom of the pressure vessel -- but it did *not* end in a breach of the pressure vessel, much less the surrounding containment building, and the resulting radiation release was negligible.
It is possible for the Fukushima crisis to result in a blown containment building and a massive release of core material and exotic byproducts. For that to happen, though, would require complete incompetence on the part of a very large number of people now involved in managing the situation in Japan. Assuming that all of those people don't suddenly decide as one to stuff their heads up their asses, what we're by far most likely to see out of Fukushima is much the same as what we saw out of Three Mile Island: a scary situation which, in hindsight, wasn't anywhere nearly as bad as it could've been if it hadn't been handled promptly and well.
Actually, I'm giving the TMI staff a bit too much credit there, they screwed up plenty in the first few hours of the crisis -- that seems to be pretty much what always happens when a reactor starts to go wrong: either the control-room crew knows exactly how to handle it, does so, and it never makes the news, or else it's the useless night-shift guys on watch and we all get to hear about how they screwed up. Point is, though, even with all the mistakes people made at TMI, there *still* wasn't a containment breach, and there's no reason to assume there will be one at Fukushima, either.
It's possible, but it's not at all likely, so why not wait to worry about it until you know you need to? I mean, it'll happen or not happen on its own either way, so why not just relax, imbibe a reasonable dose of your favorite intoxicant, and wait to see how it goes?