Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
You can get live AJAX text updates from macrumorslive.com (and other sites), but actual video won't be posted until after the keynote is already over, there's no live stream of it.
 
If someone had the new iPhone they could do live streaming. I always use MR to watch the updates. I think they have the best format and it auto updates (assuming it is like Mac World). Auto Update even works from the iPhone, I know from personal experience.

Later in the day I always watch the replay via apple.com.
 
SFState, is it cause of the free wifi outside the apple store? get your own you cheapskate.
 
I typically keep Gizmodo, MacRumors, and ArsTechnica up to see who updates fastest. Ars is usually slow, but they have more detailed posting.
 
I'm hanging out at the One Stockton Street, Downtown San Francisco, CA, USA, opening at 10am, (since all tickets for the WWDC are sold out), then attending the Digital Photography Workshop @11am, should be about the right time to download the Keynote podcast from iTunes. Might check out the "new iPhone" but only if it's v2! :p
 
Crunchgear.com
whatever suddenly becomes popular on qik.com ;)
The respective feeds from
engadget, gizmodo, 9to5mac,
http://www.ilounge.com/
http://www.allthingsd.com
http://www.macrumorslive.com/
http://arstechnica.com/news.ars/post/20080608-ars-at-wwdc-08-live-coverage-developer-highlights.html
http://www.techcrunch.com/2008/06/08/apple-wwdc-2008-keynote-live-blogging-tomorrow/
http://theilife.com/wwdc08/ - has already started!

for starters. Maybe the auto refresh Firefox add on, 2 FF windows open, with ? second refreshs, (offset delays) with some tabs on each window. Depends - you could get the audio feed from theilife if it works on in the background, and see what the tech video mogulus style channels are doing - there have been live commentray video streams in the past - with chat panels - lots of fun when they aren't crashing.
 
They've been making them available on the iTunes store lately, so it'll probably be there as a free podcast video to download.

At the iTMS, the top podcast is "Apple Keynotes." They consolidated the past 3 they had into that podcast. Subscribe to it and check later in the day for a posting. Last ones have been pretty good quality, although I do wish they had a live stream somewhere. Knowing what happens already lessens the fun. I work for a newspaper, so there's no way I won't know.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.