This morning (Sat. 6/14/08) at 3:45am, a levee broke near my old high school in Des Moines, and the National Guard tried to put an 'emergency levee' in place farther from the river, and in the last twenty minutes (8:40am, Sat. 6/14/08) the emergency levee also breached.
There is a live feed here and then click on the top of the screen where it says "live feed of the Floods of '08".
We supposedly had the 500 year flood in 1993, but this is worse in several other cities (besides Des Moines--Cedar Rapids is much worse than in 1993).
84 counties (out of 99) in Iowa have now been declared as "disaster" areas that will be eligible for special funds to re-build, etc.
Also, another good link is at the Des Moines Register. There are some pictures, and a live-camera link on the page also.