From my CNN News alert:
Moammar Gadhafi is dead, according to reports on Arab media. CNN has not confirmed the reports.
One of the networks reporting the news was Al-Ahrar, a National Transitional Council TV station. It didn’t cite a source and the news couldn’t be independently confirmed.
The New York Times says the death was also verified by the head of Libya’s Military Council.
My guess is that he was killed rather than having committed suicide.
UPDATE: The NYT now reports that Qaddafi was indeed killed in a battle in his hometown of Surt. There are supposedly photos of the body.