She's only a few days old, but England's new princess already has the whole world wrapped around her finger and hanging on every picture and announcement.

Kensington Palace announced today that the new baby, the second child of the Duke and Dutchess of Cambridge (though in our fantasies we're on "Will and Kate" terms with them), is named Charlotte Elizabeth Diana. She is fourth in line to the throne, and will be known officially as Her Royal Highness Princess Charlotte of Cambridge.

Born Saturday, May 2, weighing in at just over 8 lb., baby Charlotte's middle names honor both her great-grandmother, Queen Elizabeth, and her late grandmother, Diana. And let's not forget that Charlotte is a feminine version of the name Charles, i.e. grandpa, i.e. the Prince of Wales. Kate's sister Pippa's middle name is Charlotte as well, in what could be a nod toward the royal baby's Middleton lineage.

Heavy bets were placed on the baby's name in the U.K., with bookmakers seeing a last-minute surge in bets on Charlotte.

Salutes are planned throughout London today to honor the birth of a new royal.