It's being reported that British and US aviation analysts have managed to narrow down the search area to something the size of Arizona (down from an area the size of Texas - which doesn't really help me or anyone else not from the western bit of the US, but I digress .). They did this by looking at the satellite data from the engine pings, and refining it. The current priority search area is off the coast of Western Australia. If the new analysis is accurate then something should turn up shortly as the Australians have some good resources to throw at this, and they are being helped by a US Navy sub-hunter plane.
Too late for survivors, I believe, but at least the families will have closure.
That's still a huge area, but hopefully they find something. And hopefully they are able to find enough evidence to actually know what happened.
Assuming they find the wreckage, and are able to recover the black boxes how long does the cockpit voice recorder save information for? If it actually flew for 7 hours after loosing contact will we have recordings to know what was going on in the cockpit then, or will it just be the last bit of the flight?