It seems that the election of Bishop Katharine Jefferts Schori to the office of Presiding Bishop is the work of the Holy Spirit. Elected on the fifth ballot, to many at Convention her election was a complete surprise. However, a bishop I know indicated in conversation at GC that she was lucid and theologically articulate in presentations to the house of Bishops before the election so brother and sister bishops already thought highly of her. For a reaction from a liberal perspective (which I share), see this post from the Diocese of Washington after her election. A marine biologist by training, her comments on evolution are available on the web.
The NY Times profiles her today and calls her family of origin "staggeringly competant." If her press conference after the election is anything to go on, she is capable of handling barbed questions and critical remarks well either in English or Spanish.
The duties of the PB include: the charge to be chief pastor and primate, to provide for episcopal oversight in the absense of a diocesan bishop, to take order for the consecration of bishops when duly elected and from time to time assemble the bishops to meet as a house or council, to preside over meetings of the House of Bishops, and to call a joint session of the Houses of Bishops and Deputies at General Convention. Any new bishops will be consecrated by Presiding Bishop Schori.
Thanks to the Diocese of Nevada for providing the whole church with Bishop Schori. Brave new world indeed!