[Updated at 3:03 p.m. ET]
It will be interesting to learn not only who the new pope is, but also what name he has chosen for himself. Popes often take a regnal name (like Benedict) that a previous pope used, and it generally is meant to point to a tone that the new pontiff wants to set, CNN senior Vatican analyst John Allen says.
For example, Pius XII, who served from 1939 to 1958, was very conservative, eminent Italian church historian Alberto Melloni told CNN. So, "if the new pope was to call himself Pius XIII, it would be a very ideological choice," he said.
Read more about what a pope's chosen name indicates, from CNN's Laura Smith-Spark.
[Updated at 2:48 p.m. ET]
Here's what we're going to hear from the cardinal who will introduce the new pope:
"Annuntio vobis gaudium magnum: Habemus Papam! Eminentissimum ac Reverendissimum Dominum, Dominum (FIRST NAME OF NEW POPE) Sanctae Romanae Ecclesiae Cardinalem (LAST NAME OF NEW POPE) qui sibi nomen imposuit (POPE'S NEW NAME)."
"I announce to you a great joy: We have a pope! The eminent and most reverend lord, Lord (FIRST NAME OF NEW POPE), Cardinal of the Holy Roman Church (LAST NAME OF NEW POPE), who has taken the name (POPE'S NEW NAME)."
[Updated at 2:41 p.m. ET]
CNN senior Vatican analyst John Allen, on the moment that we will see the pope on the balcony of St. Peter's Basilica: "First impressions last. ... It will be very interesting to see how the new pope comports himself here tonight and makes his introduction."
[Updated at 2:38 p.m. ET]
It shouldn't be long before we find out who the new pope is. When Benedict XVI was elected in 2005, about 45 minutes passed between the appearance of the white smoke and the appearance of the cardinal who introduced the new pope.
Today, the smoke appeared just after 2 p.m. ET (7 p.m. in the Vatican).
[Updated at 2:30 p.m. ET]
The crowd at St. Peter's Square continues to swell. "People are literally running up the block (so they can see the pope) when he comes out on the balcony for the first time," CNN's Anderson Cooper reports from the Vatican.
[Updated at 2:25 p.m. ET]
From CNN's Jim Bittermann at the Vatican: The crowd waiting for the new pope represents all sorts of nationalities -- "everybody from around the world."
"You see a lot of religious folks are here, different orders of nuns and priests, packing in all afternoon," as well as tourists, he said. "There are more people just as I'm speaking. All of the sudden there's been a surge of people coming in."
[Updated at 2:23 p.m. ET]
Like the one in which Benedict XVI was chosen in 2005, this election didn't take long. The white smoke comes on just the conclave's second day.
We have a few steps to take before we learn who the new pope is. Here's what we've been told will happen next:
-- The new pope will leave the Sistine Chapel to put on his papal robes, then re-enter the chapel for prayer with the cardinals.
-- The cardinals will then line up to congratulate the new pope and promise their obedience to him.
-- The pope will then go back to Pauline Chapel to pray for a few moments.