I've read about Chernobyl extensively. Nothing in this disaster seems to approach Chernobyl's magnitude. I'm not a nuclear engineer, but I can tell you that the dispersal of contaminants is much different in this situation. For one, it doesn't appear as though anything from within the core has caught fire. I believe any smoke (note: not steam) rising from the destroyed buildings has been from a building fire. This released some contaminants from the gas venting that would otherwise have stayed within the units, but again, nothing like Chernobyl.
For another, all but one of the containment units appear intact, and the other one is either intact as well, or merely cracked. This last one is bad, but again, it's nothing like the explosive destructive power seen in Chernobyl which released solid contaminants into aerosol form. The key here is where the hydrogen explosion occurred. At Chernobyl, it occurred within the core, which as you know would send contaminants airborne. At Fukushima, it occurred outside the core, which would tend to compact the contaminants, though dispersal into aerosol form is still an obvious fact. The difference again is that the only source of these contaminants is from the gas venting, which would contain a certain level of caesium and other solid contaminants, but nothing on the level of a full core breach.
Finally, there was a release of corium at Chernobyl. No such corium is known to be outside the reactors at Fukushima. Inside the core we can only speculate, but it seems likely that there's corium in all three damaged reactors, even if it's only a small amount (EDIT: I made a terrible mistake and put 'at the bottom of' -- please disregard that).
The wildcard here is the spent fuel ponds. From what Astronuc has been telling us, a spent fuel meltdown hasn't been studied extensively. This is the only possible way Fukushima could become another Chernobyl. Sadly, what I know about spent fuel ponds pales in comparison to what I know about nuclear reactors. Again I'll stress that I'm not Astronuc. I'm not a nuclear engineer. This is simply what I can glean from his testimony, from my own (layman's) knowledge of nuclear reactors, and from what I know about aerodynamics and particle dispersal patterns (my knowledge of which will probably increase exponentially in the next couple years -- I'm an aerospace engineering student). So please, take my statements with a grain of salt -- or a pillar of it.
Edit: I've never heard of Cherenkov radiation. At least I got something new from the article. God it's beautiful.