Coherent nuclear motion of the carbon backbone is monitored in real time in substituted poly(phenylene)-vinylene in both excited and ground electronic state using sub-10-fs light pulses. Characteristic features of the intrachain vibrational dynamics are obtained. We observe vibrational dephasing in the excited state within 1 ps (time constant T(2e) approximately 300 fs). These findings are in agreement with the molecular picture for photoexcitation in conjugated polymers.