I saw a large hermit molt at my LFS once. It was pretty nifty.
I was the only person in the store, and the owner was in back, so I was just watching things happen in their reef, and a big old hairy hermit looked like he was about to vacate his home, but there we no other shells around. Then, fairly quickly, it looked like the shell just puked a hermit out, and poof, there he was, all fresh and clean. It took me a second to realize it was a molt and not one hermit taking over anothers shell.
If you're lucky enough to see it, it's pretty cool.