I'm all for recording events, but I feel if it's something this huge, like electing a new Pope, somebody else will already be recording it. There are likely many people getting paid decent money to record it, and their versions will look a helluva lot nicer than what I could record on my phone.
So in this case, I'd put my phone down and watch the event with my own eyes. If I want to watch it again later, it won't be hard to find video of the event.
Well you remember how maybe you or your friends wanted momentos from an event, or maybe your religious relative wanted them from a funeral or event? Well now you don't have to wait for the official documenter, you can capture it the way YOU want to and see how it matches your perception. Besides, I don't know about you, but I edit my own capture of reality, I don't exclusively look at my phone, therefore I get the best of both worlds.