On October 26th Comet Holmes burst onto the scene brightening "a million times" in just a few hours. It went from an obscure comet to an object visible with the naked eye- as bright as a normal visible star (magnitude 2 1/2).
It is viewable till next March- but who knows for how long it will be in this expanded bright state. I recommend going out TONIGHT or TOMORROW night since the first quarter moon will have set by ~10:30 tonight and ~11:40 pm Saturday and the comet will be visible all night in suburban mid latitudes of the north hemisphere.
As a bonus the Leonid Meteor shower will also be Saturday night. So you can look at the comet while you wait for shooting stars to pass overhead. There is even clear skies predicted Saturday night for much of the Eastern seaboard. More directions on finding the comet after the jump.
I have included a map of the sky that includes better known constellations like the Big Dipper, the Little Dipper and Cassiopeia to help orient you since saying something is "in Perseus" wouldn't help me find anything in the night sky.
According to NASA's JPL:
It should look like a fuzzy disk. John Borland talks more about why its an interesting fuzzy disk here.
Sky and Telescope claims that the disk is as big as the full moon or the sun. While this is a claim I would usually be skeptical of, since its coming from Sky and Telescope- I will just have to go outside this weekend and see for myself!
They also explain why it suddenly got so bright.
See Comet Holmes Tonight! [Sky and Telescope]
Image: NASA