I saw some bead lightning (also a brief instance of ball lightning) about 20 yrs ago during a tornado strike about a mile away. It so surprised me that I can still see "the videotape in my head" whenever ball or bead lightning is mentioned. The general noise level was too great for me to hear the crackle, though.
You're right: it is kewl.
I have video of something I believe is the precursor to bead lightning. At the end of the stroke, as seen on a frame by frame advance, the lowest thrid of the channel balloons out to maybe 20 times the initial diameter, with a helical surface, a lot like a braided manila rope.
Never have seen ball lightning though, I hope I get to some time.