[Update 2 (18:40 UTC): According to the US Strategic Command, Phobos-Grunt re-entered over the Pacific ocean, not far west of Chile. This is unconfirmed, but STRATCOM is usually quite reliable. As I write this, I'm pretty sure the spacecraft is down, and hopefully we'll know more about where it came down in the next few hours.]
[Update 1 (15:50 UTC): The predicted re-entry time is now around 17:20 UTC or so, but still not exact (Eastern US time is UTC - 5 hours, so 12:20 in the afternoon). The Russian space agency Roscomos has created a map of the predicted final orbit:
