In the following video (a customer's review of a glass kettle), we can observe water boiling: http://youtu.be/jByY5I7Xk7w?t=2m55s
As the kettle starts to boil at around 2:55, we can see large steam bubbles being formed at the bottom, where the heating element is, and these bubbles shrink as they rise. Presumably this is because they are coming into contact with cooler water. Then we get a crazy convection current for a bit before the element switches off again.
After the chaotic motion has died down (and the fluid is presumably very well mixed) we see small steam bubbles being forming at the bottom, which grow as they rise. I can think of two possible explanations for this, and I'm curious as to which is correct:
The water is superheated. Nucleation sites exist on the bottom of the kettle, so that's where steam bubbles form. Steam is produced at the interface between steam and water, which causes the bubbles to grow as they rise.
The pressure at the bottom is slightly higher than at the top. Assuming a depth of 15cm, the boiling point at the bottom of the water is about $100.3^\circ \mathrm{C}$, compared to $100.0^\circ \mathrm{C}$ at the top. Bubbles form at the bottom because the heating element is still slightly hotter than $100.3^\circ \mathrm{C}$, and as they rise they drag hot water up into the slightly lower-pressure area, where it turns to steam because its boiling point lowers, and this increases the size of the bubble.
In particular I'm interested in whether the second of these explanations plays a role. If it doesn't happen in a boiling kettle, is there any situation in which it does?