The Yellowstone Caldera seems to be a very hot topic these days on ETS.
The Wired article
Future Eruptions at Yellowstone Caldera gives a nice ballpark estimate of the the most likely scenarios at Yellowstone.
Just because Yellowstone has produced three very large eruptions over the last 2.2 million years doesn’t mean that you should expect such an eruption. The caldera system has had plenty of smaller, dome-forming or explosive eruptions in the intervening years (and since the last caldera-forming eruption; see above), so in terms of the likeliest events, that is what to expect. In the paper by Guillaume Girard and John Stix in GSA Today, they suggest that the likeliest events to happen at Yellowstone in the near future are small, dome-forming eruptions or phreato-magmatic (water-influenced) explosions that follow pre-existing faults in the caldera, especially along the western rim. In fact, another study by Christiansen and others (2007) showed that probabilistically, another caldera-forming eruption is the least likely scenario for future activity at Yellowstone.
Certainly even a small eruption would no doubt cause an explosion of interest on the internet, put the heat on the Park Service, and rock the buffalo's world. However the possibility of a major caldera scale event it isn't something I lose a great deal of sleep over.