...yes there will eventually be white smoke. Although conclaves have lasted several years in the past, I'm rather hoping that we'll have a Holy Father to guide us within a matter of days, if not hours. I'm sure that I'm not alone in this.
...as for the children, well, they've planned a procession involving much joyful noise - bell ringing and singing. They've decided on a "running order" for songs and hymns for their celebration, that we mere grown ups are not permitted to be privy to until the actual event.
I don't have the slightest idea who our next Holy Father will be, but I'd place a handsome wager on "Full In The Panting Heart of Rome" with a rousing chorus of "God Bless Our Pope" being on the children's celebration programme. And thinking about it, that is very much the way things ought to be.