When the shrinking visible part of the photosphere becomes very small, Baily's beads will occur. These are caused by the sunlight still being able to reach the Earth through lunar valleys. Totality then begins with the diamond ring effect, the last bright flash of sunlight.
It is safe to observe the total phase of a solar eclipse directly only when the Sun's photosphere is completely covered by the Moon, and not before or after totality. During this period, the Sun is too dim to be seen through filters. The Sun's faint corona will be visible, and the chromosphere, solar prominences, and possibly even a solar flare may be seen. At the end of totality, the same effects will occur in reverse order, and on the opposite side of the Moon.
Photographing an eclipse is possible with fairly common camera equipment. In order for the disk of the Sun/Moon to be easily visible, a fairly high magnification long focus lens is needed (at least 200 mm for a 35 mm camera), and for the disk to fill most of the frame, a longer lens is needed (over 500 mm). As with viewing the Sun directly, looking at it through the viewfinder of a camera can produce damage to the retina, so care is recommended.