A manhole exploded at 4th and Market just a bit ago, and smoke is filling the air all the way down to Mission Street.
Jackshay has a photo of the smoke that he published on Twitter:

Word is it's a PG&E hole cover.
Here's another image of the smoke on the street from rijah:

Keep an eye on Twitter for more man-on-the-street details.
Near the scene? We'd love your first hand report in the comments.
UPDATE, 11:11 a.m.: SF Appeal has confirmed that the Muni bus lines 30, 35 and 9X have been disrupted due to the big boom. Hit up SFA for more details.
UPDATE, 11:31 a.m.:
Big day in downtown SF:
Movie filming, underground explosion, and now just witnessed a guy proposing to his gf (at the Westfield food court)
Such excitement!