They picked Ratzinger, now known as Benedict XVI. Here's a NY Times article on Pope Benedict XV. They say that Popes choose their names to give an idea of how they want to direct their papacy. So, if Pope XVI was a peacemaker, I guess he's not a bad namesake.
I watched the proceedings on TV at work. It's a very interesting process to say the least. However, it won't be another 26 years until it happens again... unless the new guy lives to be 104 (like Mr. Burns).
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