You can watch it live here. So far, it's exactly what you'd expect: Oh, the phone-hacking is so regrettable. We didn't know. Once we did know, we "acted as swiftly and transparently as possible." It's everyone else's fault. The police claimed there was no evidence. We have 53,000 employees; we can't know what everyone's doing at all times. Blah blah blah.
James Murdoch (son) seems to be tasked with looking regretful, while Rupert Murdoch (father) is taking on the role of expressing hapless ignorance and shock. Mendacious assholes, both of them.
@emptywheel is providing a great live-tweet of the testimony.