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Several F1 drivers, personalities and teams have wished him well and a speedy recovery on Twitter. (Shameless Plug - my twitter list for F1 is at https://twitter.com/shortsightedsid/lists/f1. Subscribe to it to get the latest on MS.) Plus, Ferrari have posted their wishes too.
Update 1 -As per a statement from the hospital, Michael Schumacher arrived in a coma.
"Michael Schumacher suffered a serious head trauma and arrived in a coma, making it necessary for him to undergo a neurosurgical procedure."
Initial Story -Looks like MS's injury is pretty serious. He had a fall while skiing off-piste (i.e off country on unmarked slopes) and hit his head against a rock. According to the BBC, JA and GPUpdate he is in an induced coma at the Centre Hospitalier Universitaire de Grenoble hospital. That's pretty serious. I'm not sure what serious but not life threatening means if he is in an induced coma.
I'm not a big fan of Schumacher's driving esp. in his Ferrari days given that I am a McLaren fan, but this is something that one doesn't want to hear or read about. He really was magnificent in his driving days and while the news is still coming in, one can only hope that he does well and recovers soon..
This reminds me of the death of Natasha Richardson who died in 2009 from a skiing accident. That was really tragic and I remember her role as the Mom in the Parent Trap. Hope Michael Schumacher pulls through; the main difference being that he wore a helmet unlike Natasha Richardson.