A sungrazing comet is a comet that passes extremely close to the Sun at perihelion. While small sungrazers can be completely evaporated during such a close approach to the Sun, larger sungrazers can survive many perihelion passages.
The comet is now visible in the images taken by LASCO C3 camera of SOHO spacecraft:
Spaceweather image with labels:
Magnitude right now (January 02 at 22UT) is perhaps 0 (maybe -1)
This is an animation done by M. Jaeger using 35 Soho images from Jan 2 at 14.42UT to Jan 2 at 21.18UT . Click on the image below to see it:
UPDATE - JANUARY 04, 2010
While here you can see the frames used by A. Watson to discover the comet in Stereo images. Look for the faint streak rising from lower left:
By Ernesto Guido