Kraken Video!

PZ beat me to the punch (I really think he should be penalized for the time zone difference). Japanese researchers, the same group that caught the photographs in 2004, have filmed a live giant squid. The research team, led by Tsunemi Kubodera, videotaped the giant squid at the surface as they captured it, on squid bait, off the Ogasawara Islands south of Tokyo, earlier this month. The squid was a female juvenile of about 24ft which falls shy of the 60ft record.

CNN video is here.
Video from Reuters (best and no plugins required)