Based on this Apple discussion thread, it appears that Apple's activation servers which is required to activate iPhones are down.
So if you are getting an error that your request could not completed as the store may be busy while activating the iPhone, then you are not alone.
It appears that the problem is affecting iPhone users all over the world.
Update:
Based on some user comments it appears that iPhone activation is working again.
Apple discussions forum user, Atems, first reported the issue at 5:13 am PST:
"After i restored my iphone, i connected it to the itunes. But under the itune's devices rather thn showing me the information on my iphone, they tell me that they could not complete the itunes store request the store may be busy."
Users seem to be getting the following error message:
"Could not complete the iTunes Store request. The store may be busy. Check your internet connection or try later"
However, it doesn't seem to be an issue with users internet connection as another user, Ammcfc, confirmed that there were similar issues observed in Europe:
"Same here...Legally activated iphone from Europe...and after restoring it I could not activate it again --->error "The store may be busy"....."
User, maqchang, confirmation indicates that the issue is affecting users globally:
"We've got at least 8 people in Taiwan encounter the same problem.
IS there any serious problem in iTunes serve today?"
The issue seems to be affecting only the activation process as one of the users facing the problem with the activation process reported that other parts of the iTunes store is accessible. I am able to access the iTunes store as well.
Though it still seems to be a fairly small number of users reporting the issue, I have observed the list of users reporting the problem growing steadily as I was writing this post.
There is no official statement from Apple on the issue nor is there any information available as to when the issue will be resolved. We will keep you posted if the situation improves and activation servers are back up.
Are you facing the problem? Were you able to activate your iPhone today?
If you have any update regarding the problem don't forget to drop in a line in the comment.
Thanks Alfred for the tip!
Update:
Based on some user comments it appears that iPhone activation is working again.
Thanks thedevilsjester for the heads up.
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The last couple posts on that discussion show a couple users reporting that it works again, at least for them.