January 22 10:30PM: I got feedback from Microsoft and have verified that the problems is fixed.
When using the /_vti_bin/lists.asmx webservice call to a list to retrieve multichoice people picker fields, multichoice lookup fields or multichoice managed metadata fields it fails with this error:
Value does not fall within the expected range.
The error goes away when changing the fields back to single choice.
This will affect queries where you use spjs.utility.queryItems and spjs.utility.getItemByID in your CustomJS.
The issue does not affect all tenants at this moment, but the support ticked with Microsoft has been escalated to the product engineering team. Hopefully it will be resolved soon.
I’ll update this page as soon as I hear back from Microsoft.