Dynasticism isn't easy:
Bilawal is the best bet to continue the Bhutto name. But as a 19 year old unable to speak Urdu and raised for much of his life out of the country, he's thoroughly unprepared to lead the largest political party in a 160 million person country. At the same age, his mother sat as an observer in her father's negotiations with Indira Gandhi at Simla. Bilawal's had no such grooming.
The major development has been the sidelining of Amin Fahim. Does he remain as the party's vice chair? Will he continue as a Bhutto loyalist, in spite of having a teenager selected over him as party leader? He will be the party's candidate for prime minister. Zardari hasn't registered for the elections. Bilawal is ineligible to contest. Fahim is a PM candidate by default. He could very well play the role of Turkey's Abdullah Gul, holding the PM spot till Asif Zardari or Bilawal are ready (if ever).
And what of Asif Zardari? Will his control over the PPP last long? Does he have the energy and the party support? Will he serve as a placeholder for Bilawal - or will he reign over the party's fragmentation? Remember, Benazir faced significant opposition during her rise to the party's helm - and from non-family members as well. Her consolidation of power was indelicate, to say the least. Let's see if party stalwarts remain loyal to Zardari, or whether they'll slowly push him back to Dubai.