Initial reports are now showing up on news sites; this very light-on-details article on BBC seems to be the first up on major news sites - but it's been burning up the SMS and immediate-update "microblog" site, Twitter, for over an hour.
We're seeing a human tragedy and the slow emergence of an amazingly powerful social tool - real time citizen reporting. People are sending in reports, pictures, and videos of on-the-ground events as they unfold, scooping all major news sources - because what traditional media outlet could possibly keep up with a reaction time measured merely by the speed of information?
Old media has a never-ending struggle to maintain its relevance - this is going to be big. Where were you when "CNN Headline News" became outdated?
Update Speaking of CNN being outdated; Global Voices now has an article on Mumbai up, based largely on Twitter sources