There's not much to it right now, and I need to get some sleep before tomorrow, so this will be short.
According to the blurb (which is the only real reference I've found so far) on theCNN banner, "Osama bin Laden has been buried at sea, a U.S. official says."
According to some of the various news hosts talking about it right now, officials are saying that it needed to be done to prevent his grave from becoming a terrorist "shrine", and to be in accord with Islamic tradition. That said, it seems to have been an incredibly fast disposal, and I hope there is extensive documentation of everything, or the CT relating to this is going to be unbearable.
Updated by Hayate Yagami at Mon May 02, 2011 at 12:50 AM PDT
Additional coverage by the NY Times
In a dramatic late-night appearance in the East Room of the White House, Mr. Obama declared that “justice has been done” as he disclosed that American military and C.I.A. operatives had finally cornered bin Laden, the Al Qaeda leader who had eluded them for nearly a decade. American officials said bin Laden resisted and was shot in the head. He was later buried at sea. [Emphasis added]