While still having very large error bars, the predictions for the Phobos Grunt reentry are becoming more certain.
Most predictions are still for 15 January UT, roughly around 20 h UT but with spreads of error on the order of 9 hours to one and a half hours (see here, here, here and here for a variety of predictions). The tightest prediction now puts the re-entry off the coast of Africa.
From Australia's point of view, the spacecraft will come down sometime on early Monday 16th, CalSky (and the Phobos Grunt site) has a pass over Adelaide at 6:54 am AEDST, with reentry at 7:12 AEDST +/- 3 hours. So it may be possible for Australians to see the craft-reenter.