Super Short version: The bettering markets (decision markets) may not have done as well in predicting the pope as the NY Times and others suggested.
"The questions I pose today to Enterprise Commanders are these:
* How did the prediction markets at TradeSports/InTrade fare with anticipating Joseph Ratzinger as the new pope?
* Was it really "another triumph" [sic] for the prediction markets, as the Beeb trumpeted (and as Fortune and the New York Times echoed)?"
* What are the lessons that we can draw from this string of media failures?
o Are journalists (and bloggers) just stenographers, republishing Press releases from the exchanges?"