I just wanted to respond to
this comment:
...the most fun thing from this is that the best way to profit from it is not participating in it
...actually, that's probably not true. The best way to profit is probably to max out the margin on bitcoinica, then manipulate the MtGox market. It's just a question of whether you can time your trade on bitcoinica and MtGox so that bitcoinica doesn't get a chance to respond.