Some of the "Experts" on the BBC are saying that this is a desperate measure, and we could be about to watch the next Chernobyl.
That's scaremongering, Chernobyl R4 was running out of control at ~500 times maximum power when it blew the top off the containment, mainly because the RBMK is the single most stupid nuclear reactor design ever used for commercial generation. The entire concrete pilecap weighing something like 100 tons was lifted into the air, flipped over and fell back onto the core. This smashed what was left of the graphite moderator stack and hurled fuel and graphite hundreds of meters from the core. The situation was made even worse by the graphite and fuel catching fire. The plume went high into the atmosphere and fallout spread across the world.
These Japanese reactors are fully shut down and have been for several days. Worst case, R3's containment gives way and you would then have some very nasty contamination in the local area, but there just isn't the potential for a Chernobyl level accident.
The yanks only think it's a desperate measure to pump sea water in because doing so will write off the reactors, but considering the alternative is a potential for meltdown, it's the correct thing to do.