Cool, 2 installs no questions.
Dead simple innit?
I should point out that in the screenies, I have the "who's chatting" box in a side panel, but you can put it anywhere - even on a none-vB page (although I havent tested that, I can see no reason why not).
It just gives you "$chatters" which will give you a list of chatters pretty much wherever you put it. You can wrap it up in your own html to make it look however you want.
The refresh time is set by your phpMyChat options. I have mine set to update every 60 seconds - it's not instant, but it's close enough.