Ancestry.co.uk have just announced that they have just completed the first part of the transcription of the 1911 census.
The first release covers Wales, Channel Islands and Isle of Man. These are now fully searchable by name and place, and all the occupants of the house are indexed.
At the moment only the householders schedules are available for England.
See their 1911 census introduction page for information on how search the 1911 census.