The NASA scientists are trying really hard to not get excited.
The impact probability for a collision of asteroid 2007 WD5 with Mars on January 30 has increased from 1.3% to 3.9%.
Pre-discovery observations of asteroid 2007 WD5, taken on November 8, 2007 have allowed its orbit to be refined and the uncertainties for the late January Mars encounter have been improved. The impact probability resulting from the recent orbit refinement has increased to a surprising 3.9% (about 1 in 25 odds). The uncertainty region during the Mars encounter now extends over 400,000 km along a very narrow ellipsoid that is only 600 km wide. Since the uncertainty region intersects Mars itself, a Mars impact is still possible. However, the most likely scenario is that additional observations of the asteroid will allow the uncertainty region to shrink so that a Mars impact is ruled out. In the unlikely event of an impact, the time would be 2008 January 30 at 10:56 UT (2:56 a.m. PST) with an uncertainty of a few minutes.