The Merrie Monarch Festival: streaming live on KFVE:http://www.k5thehometeam.com/Global/story.asp?S=12245346 (push play, as the player does not automatically load)!
When I first visited Maui in the Spring of 2005, I was able to catch a few hours of this amazing hula festival. It is amazing display of culture, music, and dance. King David Kalakaua, who was know as the Merrie Monarch loved the world of art. It is held in Hilo on the big island of Hawai'i.
It is inspirational and truly amazing to watch the participants, and listen to the stories from the islands.
I hope you have time to check it out! It is tonight until midnight, and continues for the next two days. I realize this is more difficult on the mainland, but trust me it's worth it no matter what time it is!