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If he holds his handy lead in the polls, Porfirio (Pepe) Lobo will be the next President of Honduras. Problem is, the last man elected to that office, Manuel Zelaya, was ousted last summer in a military coup. That makes it unlikely that any nation — except maybe the U.S. — will recognize Lobo if he wins the Nov. 29 election. But as he relaxes in his opulent house near Honduras' capital Tegucigalpa after a day of campaigning, Lobo sounds unfazed. "I practice Taekwondo for serenity," he says with his trademark Cheshire cat smile. "We have to hold this election, and the world has to recognize it, because Hondurans have to move on."

It would be great if a presidential election could magically transport the small, impoverished Central American nation beyond the political...