Twitter has the ability as part of its API to query the current rate limit status. Going to this url will show you how many requests can be made before the limit is reached:
{"remaining_hits":150,
"hourly_limit":150,
"reset_time_in_seconds":1274399014,
"reset_time":"Thu May 20 23:43:34 +0000 2010"}
Requests to this url also do not count towards the limit.
Is there a similar ability with the SO API? If so, how is it done?