Oh crap-- the NYC news sites are all reporting an 11:30am accident at the parade. Newsday has the most details:

A giant balloon at the Thanksgiving parade snagged a street light near Times Square and caused part of it to fall into the crowd, injuring at least one person, according to police and eyewitness accounts.

A reporter from WINS-AM radio on the scene of the accident said part of the damaged light fixture crashed to the ground on a traffic island after being hit by a balloon shaped like an M&M.

The station said the injured included a child who had traveled with a family from Albany, N.Y.

The accident occurred at 11:30 a.m. at West 43rd Street and Seventh Avenue, near the end of the procession.

Satans Laundromat has a nice set of pictures from a roof of a building at 41st and Broadway-- but none of the accident. We're also checking the Flickr "macysthanksgivingdayparade" and "macys" tags, but nothing yet. Developing...

Update: John snapped a picture of the accident scene and sent it in via Gothamist Contribute: