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Update: 49 people are reported to have died when the now confirmed Continental Airlines flight crashed into a house in Clarence Center. The dead included 44 passengers, four crew members and a person on the ground.
Update 2: eyewitness reports say the plane was a turbo-prop smaller commuter plane. The plane was believed to be heading to Buffalo.
Update 3: photograph via Buffalo News who also has more details.
Update 4: the crashed plane is believed to be Continental Airlines flight #3407, operated by Colgan Air. According to online details, the flight took off from Newark headed to Buffalo.
More when we have it.