I found this blog posting on PoliticalBetting.com a very refreshing on the Icelandic bank collapse.
It basically argues that putting your money into an account that pays higher interest than the average bank is effectively a gamble:
Those who handed over their cash to these banks were not normal savers but gamblers who were getting odds of up to 2/7 that their money would be safe.
I’m a gambler but this was too risky a bet for me. […] But those who took the Icelandic gamble have been enjoying the vastly inflated returns and now, thanks to Brown and Darling, could get most of their money back.