Creating a new account won't help. The status page will keep everyone updated on our progress: http://status.adobedps.com/. We've submitted an update to Apple, now we just have to wait for their approval.
I am having the same issue, but something weird is happening. I decided to create a new username by selecting the Get an Apple ID option from within the app to see if that would work and it did. It lets me log in with the new username and password.
Do you have any idea of how long this process takes?
I have the same problem - I get an error message in DPS Preflight on iOS (iPad Air 2) saying the Adobe ID and password don't match even though they're correct. Hence I can't login to preflight my project.