Just got back from a checkup about 20 minutes ago. I am now about 3cm dilated and 90% effaced, I have lost 1 pound, and the baby has indeed dropped. Last week they could move his head up out of the birth canal, but this week they couldn't. His head is happily corked in there, so when my water breaks, I don't have to worry about the cord prolapsing. Yay! Also, my nurse said she actually could have broken my water this morning, but she didn't cuz I'm not all "Get it out of me NOW!" yet, so she swept my membranes again and sent me on my way.
Oh, and she guestimates he's about 7lb right now. Nice normal-sized baby.