Image courtesy of AVO/USGS. Taken by Cyrus Read
Based on the current levels of seismicity over the past 36 hours, AVO has returned Redoubt to Orange/Watch status from Red/Warning. This doesn't mean that the eruption is over, just that things have settled down a bit. Flights to and from Anchorage have resumed as well. You can read the full statement here, but the take-home messages are:
AVO expects this to be like the 1989-1990 dome-building eruptions, although no new dome magma has been seen yet (mostly thanks to poor weather).
Dome collapse will likely generate pyroclastic flows with little to no warning. These may move down the Drift River glacier - this will produce lahars, mudflows and floods.
Dome growth and destruction (sometimes explosively) will likely occur for the next few months at least.