You can watch it from the VolcanoCam, a few miles away from the crater, here. (Edited to Add: To quote Tim Riley, "It's not a threat, it's a treat." This shows that this is not a major eruption: no super-heated boulders, no rivers of boiling hot magma wiping Vancouver off the face of the earth, no mysterious SMERSH space shuttles launching out of the crater...)
I watched this during lunch and thought "cool." (Yeah, I'm watching things being done by boiling hot magma and I say "cool." I have no vocab.) I'll also add that the mountain's been erupting continually since September 2004; sometimes it's just showier than others.
That said, it's gotta be a neat view from the OHSU Tram...
