I looked just west of Pegasus last Saturday night and took this picture of Planetary Nebula M-27.
9/4/10 - 2230hrs, 19x135s ISO800 w/6.3 focal reducer using CLS LP filters, mounted to a SCT.
This thing is approximately 1100 light years away...It's basically a star that blew it's outer shell away about 3500 years ago. The small star which can be seen in the very center of the nebula, is cause of this.
It is estimated the ejected gas from this dying star is expanding at a rate of about 17 miles per second.
Many astronomers believe the same thing will eventually happen to our own star.