Does anyone know if it'll repair the corrupt save files or make them playable again or should we all have to restart the game from scratch?

The general concensus is that it will not repair old saves.
Scratchipoos, unfortunateley.

Has that been said by the staff or is it speculation at this point?

The staff mentioned to someone here in an e-mail that was reposted that, if the save isn't actually CORRUPT, and just won't open because it can't find something... the save MIGHT open. If the save is simply corrupt, it probably won't open.

Ok so i can assume that my save files will be fixed then since with the dlc message we get says its looking for DLC content.

Everyone with corrupt saves says it's missing DLC content, even for people who have no internet connection on their XBOX. Sounds like the person who wrote that email was just some customer service rep without actual understanding of what is causing the error.

It's possible according to what's been written, I've not seen the bug. I've seen corrupt files (the "black screen when entering the strip" bug that corrupts the autosave), it specifically says the file is corrupt. If it just says you can't load it because DLC is missing and it doesn't specifically say "corrupt" on the file or anything, I still wouldn't hold my breath but someone at Bethesda said it's POSSIBLE that you'll be able to recover those saves.

I just got the bug today, after nearly 50hrs of gameplay and about 10hrs of play after the CFWM quest. I have to say I really enjoy this game but glitches like this are BS, honestly this is pathetic for a game in 2010 Bethesda/Obsidian. Please fix soon cause I'll buy every DLC if my game will load again.