iPhone 5 launches today at 10 a.m. (Pacific), but Apple decided to put on a cozy invite only event, and they are not providing a live video feed for the outside world. A few media sources have set up their own video productions, but not from inside Apple headquarters of course. However, Apple will post video of the event on their YouTube page after the event concludes.
Your best chance to watch some live action with real time updates is from tech blogs Slashgear, TiPb, smashiphone an the online broadcast company Vertex. They are producing live streams, but many other outlets will be live blogging the event, including International Business Times. The site Coveritlive has links to several streams of live blog coverage also. The San Jose Mercury News covers all things silicon valley, so for a local perspective, check out their live blog.
Additionally,Web sites such as Engadget, Slashgear, Electronista, TUAW and Gizmodo will provide live blogs. Macworld will be live blogging from the Town Hall theater on the Apple campus in Cupertino, to cover Apple's Let's Talk iPhone event. CNET is also bringing the news live, coupled with commentary from the Buzz Out Loud crew. ZDNet bloggers are providing commmentary and analysis of Apple's Let's talk iPhone event as it happens. Other sites including iphonefreakz, gdgt live and smashiphone are also providing live blogging.