I think the particularly "unintuitive" parts of this are, one, the incredible distances travelled when you sustain Mach 20 for years (10^8 km/year); and two, the quadratic scaling (10^4*10^4).
http://en.wikipedia.org/wiki/2009_satellite_collision
I'm nowhere near talented enough to talk in terms of "odds" with respect to satellite collisions, but it's worth noting that certain orbit geometries are going to naturally see a lot more density because several satellites want to be in a somewhat similar orbit for various reasons.
(http://orbitaldebris.jsc.nasa.gov/)
Site might not be available because US politics is batshit insane.
The photo gallery has some images of debris impacts. These micro impacts seem to be really common. The amount of debris is pretty large.
> More than 21,000 orbital debris larger than 10 cm are known to exist. The estimated population of particles between 1 and 10 cm in diameter is approximately 500,000. The number of particles smaller than 1 cm exceeds 100 million.
The surface area of Earth is about 510 million square kilometers.
Not sure I explained it clearly, and it might be a wrong assumption, so feel free to enlighten me.