Onlookers crowded London's streets and television viewers worldwide tuned into the wedding of Prince William and Kate Middleton in London Friday. Margaret Warner recaps the ceremony's significance with John Burns, London bureau chief for the New York Times.

The new Duke and Duchess of Cambridge, Prince William of Wales and Catherine Middleton, exchanged vows at London's Westminster Abbey. The lavish wedding came at a time of austerity in Britain. Kirshan Guru-Murthy of Independent Television News reports on the…