Update: Its no longer a rumor - 8 day bans have been handed out.
It appears that the top guilds (including us) who have speculated they won't get banned for exploiting LFR have been proven wrong. Just an hour ago Blizzard sent out a huge wave of bans and so far the majority of our roster is affected. Multiple other top guilds such as Paragon, Ensidia and Envy also confirmed that a lot of their members get a suspension message when they try to log into their accounts.
None of our members has received an email confirming the ban or a notification about the ban duration yet but this screenshot is currently floating around the net:
Note *Update*: The image is now confirmed legit.
Some players seem to have dodged the ban and others claim they are banned permanently. I guess it will take atleast a couple of more hours or even a day to distinguish truth from fiction but unless the duration is 24h or less we can already say for certain that this will heavily affect the Dragon Soul progress race.
We will update this post if there are any more news about this, meanwhile feel free to discuss.