This Wikipedia article about the new pope did not exist 24 hours ago.
As noted in the comments below, there was already a reasonably well-done page about Cardinal Ratzinger, and much of it came over to this page. But the speed with which the Wikipedia crowd raced to update and augment the page tells us something about how the distributed community can respond to something big.
The page has already suffered vandalism, another Wikipedia trait. But over time it will settle down to something all sides can agree on.
Is the process perfect? Of course not. But it does achieve something important, and teaches us much -- positive and negative -- about communities.
Further update: The vandals are having a good time mucking with the page, I'm sorry to report. What jerks they are.