According to NPR at this hour, the news that Benazir Bhutto has been killed by a suicide bomber during a political rally is awaiting confirmation.
The New York Times has picked up the story and expanded it.
An attack on a political rally killed the Pakistani opposition leader Benazir Bhutto near the capital, Islamabad, Thursday. Witnesses said Ms. Bhutto was fired upon before the blast, and an official from her party said Ms. Bhutto was further injured by the explosion, which was apparently caused by a suicide attacker.
Update: NPR has more. Violence is growing rapidly in response to the killing. One BBC commentator says this will seriously alter the elections. The state of emergency will probably be renewed in what is now seen in a very fragile situation for Pakistan. "This has the potential to produce a mass reaction," one reporter says. Musharraf's presidency will be changed "significantly" because he has been unable to provide security during the election cycle. The question is whether he was complicit Bhutto's killing. It's a toss-up whether he was responsible or Islamic militants arranged the assassination. "It's going to be an extremely emotional issue in Pakistan, not for weeks but for months."