Though time will be short, several science observations are planned around the swingby to exploit Rosetta's unique perspective and powerful instrument suite. 

The planned observations include imaging with the scientific camera system OSIRIS, an attempt to look for water on the Moon with MIRO, study of the magnetosphere with the suite of Rosetta plasma instruments, and observations of Earth's atmosphere and a search for aurorae.

OSIRIS
Optical, Spectroscopic, and Infrared Remote Imaging System:
A Wide-Angle Camera and a Narrow-Angle Camera to obtain high-resolution images of asteroids, the comet nucleus and to help in identifying the best landing sites.
The orbiter's scientific payload includes 11 experiments, in addition to the lander. Scientific consortia from institutes across Europe and the United States have provided these state-of-the-art instruments. All of them are located on the side of the spacecraft that will permanently face the comet during the main scientific phase of the mission.
Credits: ESA/AOES Medialab

The instruments will be turned on one-by one starting today and will stay on through the swingby.

The goal of the swingby is to assist Rosetta to ultimately reach Comet 67P/Churyumov-Gerasimenko for its prime mission. This means that spacecraft operations will have priority over science activities on 13 November. 

An artist's impression of the OSIRIS imaging system. (ESA/AOES Medialab)

During the two nights before closest approach (13 November) and one night afterwards, members of the Rosetta team will conduct observations from ESA's Optical Ground Station in Tenerife, Spain. They will also carry out an experiment to investigate whether a laser beam can be detected by OSIRIS.

More info on the instruments here:

ESA website
http://www.esa.int/SPECIALS/Rosetta/SEM1AF374OD_0.html

Max Planck Max Planck Institute for Solar System Research, Lindau (OSIRIS principal investigator)
http://www.mps.mpg.de/en/projekte/rosetta/osiris/

See some OSIRIS images taken during past swingbys/flybys in our media galleries:

Rosetta Blog gallery

ESA multimedia gallery

-- Amruta