  Alkaline-earth like atoms with ultra-narrow optical transitions enable
superradiance in steady state. The emitted light promises to have an
unprecedented stability with a linewidth as narrow as a few millihertz. In
order to evaluate the potential usefulness of this light source as an
ultrastable oscillator in clock and precision metrology applications it is
crucial to understand the noise properties of this device. In this paper we
present a detailed analysis of the intensity fluctuations by means of
Monte-Carlo simulations and semi-classical approximations. We find that the
light exhibits bunching below threshold, is to a good approximation coherent in
the superradiant regime, and is chaotic above the second threshold.
