It's "live" with 30 seconds delay.
The "live" camera replaced the good old "Fukuichi" camera that was a still shot every hour.
The camera is set at about 250 meters northwest of the Reactor 1. The image is black and white, and you see mostly the Reactors 1 and 2. You do see what's left of the Reactor 3 and the Reactor 4, but for those reactors TBS/JNN's live camera is much better.
Here's the link to TEPCO's live camera (or click on the image):
Here's the link to TBS/JNN live camera, again (I have a tiny embed of the video on this blog, to the right): http://youtu.be/FptmoVcgpqg