The Sea Launch team is preparing for their fifth mission of 2006, the launch of the XM-4 satellite, which is scheduled to occur on October 26th.
There's a 58-minute launch window that begins at 4:49pm Pacific Daylight Time (23:49 GMT), and if all goes well a Zenit-3SL will send the 11,448 lbs XM-4 satellite into geosynchronous transfer orbit, on its way to a final orbital position of 115 degrees West Longitude.
Check out the live webcam of the Odyssey Launch Platform and the Sea Launch Commander as they embark about 3,000 miles to the launch site on the Equator (specifically at 154 degrees West Longitude).
Hopefully everything will be nominal.

I wonder what the value will be to the consumer... better reception? increased bandwidth? more channels?
It's going to be used right away. It's part of a satellite replacement program that was a result of the flawed design of the Boeing 720s (XM-1 and XM-2). XM-3 was launched in 2005 and XM-4 is the last step in this process.
XM-1 and XM-2 are co-located right now and operating on one transponder to conserve energy. After a successful launch and hold of XM-4, XM-1 will be moved co-locate with XM-3, be powered down, and act as XM-3's backup, while XM-2 will remain at XM-4's location, be powered down, and act as XM-4's backup.
Bandwidth is regulated by the FCC, so that will not change. Reception may get better with XM-3 and XM-4 as the primary birds (without that flaw that affects 1 and 2), but most of that is due to their geosyncronous orbit and the high number of terrestrial repeaters, not the fact that they are new birds.