Yes it's the closest approach, but it's still going to be 3.2 million km away. If the Earth were the size of a basketball, the asteroid would be 560 feet away and only 1/5 the size of a pixel in an iPhone retina display. The 0.017 arcsecond angular resolution requires a 6.6 meter telescope to see more than just a point of light.. And as for "hurtling past Earth" as some reports say, if it were heading straight for earth at 27,000 miles per hour it would take 73.5 hours or more than 3 days to get here. In our scaled example it would be travelling at a whopping 0.00255 km/h, under 1/10th the speed of a garden snail. The asteroid should have close to the same visibility for many hours around the time of closest approach. Right now (5 hours before) it could at most be 2% smaller through a telescope..
I think it's cool, I just wish the articles wouldn't hype so much and would include more context.