Well, looks like we have a new pope – Pope Benedict XVI. Watching all this, though, I can't help but notice the Swiss Guards. With outfits like they wear, it's a good thing the country has been neutral – they'd obviously get creamed in a war.
Found this gem on Bruce Schneier's blog that details his assessment on the security implications and risks around the Papal Election. (In other news – why do I want to type Papal with an “e” instead of an “a” as in Pap*e*l? I don't get it.)