While I am not a nuclear engineer, I do have a fair amount of knowledge in the area, so with that in mind I can personally say that this will NOT become another Chernobyl situation. Again though as a disclaimer, this is not my career.
With that said, the BWR should be fine. What we saw earlier was the steam blowing apart the structure-- this just means that they didn't do their job in relieving the pressure. The core should be intact, and the reports state that the housing is still in place. When the control rods are inserted into the core, the rods will not melt down, however heat WILL still be produced. In this case, steam. Steam voids moderate fewer neutrons, causing the power level inside the reactor to lower. Furthermore, there should be safety overpressure valves... not sure why these didn't work; they may not be there due to the age of the plant.
To quote wikipedia about BWR safety:
Because of this effect in BWRs, operating components and safety systems are designed to ensure that no credible scenario can cause a pressure and power increase that exceeds the systems' capability to quickly shutdown the reactor before damage to the fuel or to components containing the reactor coolant can occur. In the limiting case of an ATWS (Anticipated Transient Without Scram) derangement, high neutron power levels (~ 200%) can occur for less than a second, after which actuation of SRVs will cause the pressure to rapidly drop off. Neutronic power will fall to far below nominal power (the range of 30% with the cessation of circulation, and thus, void clearance) even before ARI or SLCS actuation occurs. Thermal power will be barely affected.
In the event of a contingency that disables all of the safety systems, each reactor is surrounded by a containment building consisting of 1.2–2.4 m (4–8 ft) of steel-reinforced, pre-stressed concrete designed to seal off the reactor from the environment.
Again; BWR =/= graphite moderated reactor. Why does no one get this?! Everyone will be fine.
Two more bones of contention (which will give you my perspective):
-I personally believe the linear no threshold model is crap, even with the adjustment factor
-I also personally advocate the use of thorium... there's many benefits, melt-down control being one of them (because of MSR)... also although there's still fabrication issues, thorium can be used in existing LWRs. There is also proposed designs where the thorium has to actively be fed into the core, providing a great shutoff mechanism. The only con to this is the fact that thorium is
more radioactive than uranium, so it's
potentially more dangerous. I think the pros outweigh the cons.
Do you have a link for this? I'd like to read about it. I would think a system setup to automatically scram when power is lost would be the ideal.
Sure! It's really rather cool. (No pun intended)
For starters
here is the current safety systems that are supposed to be in all BWR, however since this one is from the 80's, it's really hit or miss-- I can't answer that.
New reactor designs have these systems in place-- for example the Westinghouse AP 1000's. (
here)
A general link about passive safety
here.
Basically though, the idea is that human intervention, mechanical or otherwise, is always the weak point in nuclear safety. Instead of relying upon mechanical or man-controlled means, these safety measures employ the laws of physics and thermodynamics, which I hope are always working

. Many of these systems rely on heat sensitive plugs connected to tanks to flood the chamber or coolant systems via gravity.