While there are some blessings that are reserved to Bishops, Cardinals and the Pope. We have to remember they are not magical. The rite for Blessing Holy Water, be it the old ritual, new ritual, or one of the rituals of the Eastern Catholic Churches, gives the same effect as a sacramental, the Holy Water blessed by the Pope is no more or less Holy Water than that of the priest in your parish.
There was, (I’m not sure if they still keep the old ritual) but there used to be a blessing for what was called in England “Lustural Water” elsewhere Gregorian Water that included a few drops of wine, ashes and some oil if my memory serves. This was used for consecrations of altars and altar stones, and the blessing of a new church or oratory, not for common useage.
The same goes for other rites of the Church. The Mass of a priest in a remote Mission Chapel has the same effects as a Solemn Papal Mass, while the ceremonial may differ and be more ornate at a Papal Mass, and while it is a privilige to attend a Papal Mass, something that I would not want to miss given the chance, we must remember that the primary celebrant at each Mass is our Lord. He gives the infinite graces that are availible to us if we are properly disposed to recieve them at each and every Mass. The host and wine consecrated by the Pope is not any more or less Jesus than in that little mission chapel.
Seeing any Pope, our current Holy Father, or any of his successors is a wonderful and can be a very spiritually moving experience. However we need to keep in perspective that while his role is unique among all Catholics, and the authority of his office is given to the Church by our Lord, we should value all of the sacramentals and sacraments as they are means which Christ Jesus uses to confir grace to us, individually and as a Church so we can be strengthened to wittness His message to the world.
