It's a rather large payload, with potentially toxic hydrazine fuel on board. Hopefully, most of the toxic components should burn up in the atmosphere, leaving 440 pounds (30 to 40 pieces) left to hit the earth. It's expected to reenter somewhere over 51 degrees north latitude and 51 degrees south latitude, which means a lot of the earth will be potentially exposed.
When Phobos-Grunt comes down, This Space Available intends to provide readers with updates, unless I get crushed by a piece of fallen satellite, sort of like this:
Farmers' insurance agents meet a Mercury capsule and Ham the astronaut. From YouTube.