A bright new Type 1a supernova has been discovered in the galaxy M82, it has now been given the permanent designation of SN 2014J. Currently around magnitude 11 (I get it a little bit brighter), it is expected to brighten over the coming days, and may reach the binocular visible level of magnitude 8.
The supernova was discovered by accident, during a workshop on CCD imaging techniques. It is one of the closest supernova to us in recent decades.
Unfortunately it is only visible from the northern hemisphere, in the Constellation of Ursa Major, not far from the brightest star in Ursa Major, Dubhe. The Galaxy M82 is reasonably bright, at magnitude 8.6, and the brightening supernova can be picked up with relatively short exposures. At the moment the best time to image the supernova is between 12:00 am and 2:000 am, when it is high in the sky.
There is a nice animation here. Some confirmation images from the Remanzacco Observatory are here, and Peter Lake gives a nice overview of supernova hunting.
Imaging it from NMS, I would use T11 or T21, and for a "pretty" image, would shoot it pretty deep if you wanted to catch the central jets in addition to the nova. (See Adam Block's image). http://www.caelumobservatory.com/gallery/m82.shtml Going deep also may catch some IFN (integrated flux nebula) which is visible nearby. If all you want is to highlight the nova in a pretty color picture, you can likely "get away" with 180 (T21) or 300 (T11) second exposures in Luminance, and binned color in RGB. Note that T21 will bloom on the foreground stars, while T11 will not. I would shoot a minimum of 12 luminance images, and at least 4 each of RGB, with a preference for 6 frames each. For a "great" image you're looking at 40 to 60 minutes of Luminance, and 60 to 120 minutes of color total. For an APOD.... substantially more, and add a "hook" to make it dramatic.
If anyone has images of M82 from between the 13th and the 15th, have a look to see if you can see the start of the supernova.