Hi Gavin,
Listening is one of the most powerful tools in education. In your case you are "reading" the class by listening as they chat before class. With this information you can customize your instruction if you find out something has really got them going. They will greatly appreciate your doing this as this shows them you are working to meet their needs.
Gary
I also use this time before class to listen, not eavesdrop, to the students. I often find out what issues the class is having by simply paying attention to the conversations going on before class.
This is a good plan for all instructors.
I always come to class prepared. I always arrive at least 30min. prior to the class start. I always look over the material before class. I make sure I have any materials I need to give the students. If I need to make copies I do it the night before, and help the students prepare by letting them know what the next day's subject will be.