I've heard a lot about it, and I'm over the ditch from Australia. Not being a Catholic, I haven't been following it with a huge amount of interest, but I know a lot of New Zealanders have made the trip over to be there.
I work in Sydney and have not noticed any disruption from a commuting point of view, though I work out west. There have been more people on the trains out west, but nothing too bad. I think the system is handling it ok from what I have read.
Yesterday the pope completed his tour through sydney meeting the pilgrims.