While the fraud committed from identity theft is generally in the several thousands of dollars, this is almost entirely absorbed by businesses. In the United States the consumer liability for credit card theft is federally capped at $50 [2]. Most credit card companies just go ahead and make it $0 to sound good in advertisements. As a side note, it is criminally foolish to ever use a debit card in place of a credit card because the liability limits are higher and more strict to enforce [3].

So yes, even for most victims of identity theft, small claims would more than cover their potential damages. Not to mention the legal fees to prepare the case would dwarf all but the most disastrous losses. Most people would be far better to take Sony to small claims court for the $150 filing fee and get the maximum $4000 or whatever and be done with it.

[1] http://www.bbbonline.org/idtheft/safetyquiz.asp

[2] http://en.wikipedia.org/wiki/Credit_card_fraud#Cardholder_li...

[3] http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm