This animated 3D model of the London Eye has to be the coolest thing yet on the very cool London Eye. The model was developed by 'barnabu', a member of the Google Earth Community. Download the London Eye model (You must have Google Earth installed). After it loads, look for the time slider in the upper right of the GE screen and select the Play button.
If you don't have Google Earth you can get an idea of what you are missing by watching this movie of the London Eye model. Or why not check out this movie embedded on Google Maps.