The good news is that solar panels appear to have deployed, which may keep the batteries operational longer than the originally guessed three days.
http://satellite.tmcnet.com/topics/satellite/articles/237775-russia-phobos-grunt-mars-probe-stuck-low-earth.htmThe bad news is this almost never works.
http://why.knovel.com/all-engineering-news/1005-russian-scientists-rush-to-salvage-mars-probe.htmlThe worse news is that because it's still fully loaded for Mars transit, it's carrying over six
tons of nitrogen tetroxide and hydrazine, which are the Hitler and Stalin of the chemical world. By themselves, they are toxic, corrosive, and unstable. When they meet, it's instant World War II.
(I can't do the calculations, but I would not be surprised to find that 6.4 tons of the two would yield the explosive equivalent of the payload of several flights of B-17s.)
Worse than that, the stage is in a very low Earth orbit which may decay (reenter) sooner than one could wish. I think one of the articles above suggests as little as four weeks.
Worse than that, since the craft can't be contacted, I assume it is not known whether the maintenance systems which keep the propellants stable are operational. If that stuff freezes, it has a chance of reentering somewhat intact, which could cause serious trouble across a wide area.
This is and has always been one of the known hazards of space travel. N2O4 + N2H4 (or some variant of its close cousins like UDMH and MMH), is the gold standard of space propellants; it's highly reliable because it is hypergolic, meaning they react on contact, under pressure or in a vacuum. They can both be stored and used as liquids, with high density and minimum use of space for massive output. That simplicity has made
most of our missions in space, manned and unmanned, from the moon landings to the Orbiters, possible. Hopefully this incident will encourage all who aspire to space travel to devote even more effort to improving the control and safety of these chemicals, with a view to their eventual replacement by something less dangerous and difficult to control.