My memory differs. There was an article in Scientific American about a year before Y2K; it predicted that even if "great resources" were mustered, there would be severe problems on the day after, and continuing for several months. I don't believe "great resources" were actually mustered, certainly not in the third world countries where computers were even then being used by governments and corporations. That article (or another one) also mentioned computers that were inaccessible, and which therefore could not be fixed (I think the example was computers monitoring undersea wellheads, which for some reason were located on the wellheads). And on January first, 2000, there were around ten documented problems, world-wide. (BTW, I have been unable to find the article in SciAm's on-line database, but I'm certain that's where I read it. Perhaps I should go to the library some time. You know, that place with all that paper...)
Looking back, I felt the article was a call for governments and industry to pour money into a field--the field the author of that article (and many others) would benefit from. Which is partly why I am now a skeptic when someone says that a catastrophic problem is going to hit us unless we do s.t. about it, and where that s.t. always involves $ (ok, euros and yens and... but not rubles, maybe that's a hold-over from the USSR's successful 5 year plans).
There is of course a Wikipedia article on Y2K, which summarizes the debate over whether this would really have been "a potential threat, a huge one" (quoting silentcoder).