Due to all the recent rain, the river level is slightly up at the moment. Nothing too serious, its just a couple of inches. The EA have a flood warning system which works by text, although there was some kind of malfunction last time and it didn't work so I don't have much trust in it. So I had a look on the EA website to see if there was any way of keeping an eye on the river levels. And it turns out that they have a new system of publishing river levels at various locks and sluices in the area, including one for our nearest lock, Jesus Green.
The current data is a few hours out of date, but the level at 03:45am was just on the cusp between what's normal and what is considered a flood risk. But there is no EA Flood Warning on the Cam at the moment.
To be honest, if you're on the river, looking out the window would be far more useful, but if not, it may be helpful to see what the river is doing. Even when at home, this level monitor is probably most handy for seeing any trends in level change. It is also interesting to see how current levels compare to recent floods and highest recorded levels. But it could do with being updated far more often (river levels can change very rapidly here), and with incorporating some sort of prediction.