Very exciting undersea volcano activity the past couple of months! Today's Earth Observatory email had great photos and news about what appears to be a new island in the Zubair Islands group in the Red Sea off the west coast of Yemen, and a possible island in the making off the coast of El Hierro near the fishing village of La Restinga (Canary Islands).
This image captured on October 24, 2007 shows Rugged Island with its closest neighbor, Haycock Island:

[NASA Earth Observatory image created by Jesse Allen, using EO-1 ALI data provided courtesy of the NASA EO-1 team.]
On December 19, 2011, people in the area saw lava fountains as tall as 90 feet coming up out of the sea and on December 23, 2011, NASA acquired this image:

[NASA Earth Observatory image created by Jesse Allen, using EO-1 ALI data provided courtesy of the NASA EO-1 team.]
Before the recent Zubair Island activity started, citizens and scientists had been watching another undersea volcano off the coast of Morocco in the Canary Islands. Check out photos and stories tagged "Hierro" at WIRED Science blogs to read more about the sequence of events there.
So far, new crust is building but is still underwater. This image acquired on December 16, 2011 shows a debris plume that's drifting north and west from the vents that are about 2km south of La Restinga:

[NASA Earth Observatory image created by Jesse Allen and Robert Simmon, using EO-1 ALI data provided courtesy of the NASA EO-1 team.]
While I was researching this volcano, I found the totally awesome Earthquake Report blog, which has many photos, videos and reports from a resident on El Hierro.
As soon as I get this posted, I'll add links to Erik Klemetti's Eruptions Blog at Wired Science and Earthquake Report in my Earthbytes blogroll.