Like I said - HOLY SHIT
For those near a TV, the best coverage is on Channel 5.
I hope this has a happier ending than it appears it will.
UPDATE: For the benefit of our out-of-town reader, the bridge that collapsed is a single arch bridge with no pilings in the river that's about 7 or 8 stories above the Mississippi, with a slightly lower altitude over the banks of the river. That's about a 70 foot drop to the water in the middle. It carries a particularly busy section of I-35W, and the collapse occurred during rush hour. My guess is that the span is a around a quarter mile long, so you can do the math. Anyone who's walked across the bridge's smaller twin brother, the 10th Ave Bridge, and peered over the railing can attest that it's still a harrowing height.
That said, the reports from eyewitnesses I am hearing on channel 5 that people were being rescued from the middle of the river can only be described as miraculous.
UPDATE 2: Let the speculation begin. ("Speculation" link has a precollapse picture of the bridge that gives you a good idea of the scale of this disaster.)
UPDATE 3: Wouldn't be a news story if Cptn. Ed didn't mention it.