What is the British Royal Line of Succession Once William and Kate’s Baby is Born?

Kate Middleton is pregnant.  When the royal baby arrives, what does that mean for the line of succession for the British throne?

Her Majesty Queen Elizabeth

Queen Elizabeth, who recently presided over the London Olympics and celebrated her Diamond Jubilee, will serve until her death or if she chose to abdicate.

1-Prince Charles

The first born child of Queen Elizabeth, Prince Charles is next in line.

2-Prince William

Charles's first child, William, is in line after Charles for the throne.

3-Unborn child

While William's child is still unborn, his younger brother Prince Henry will be 3rd in line.  The moment the child is grown, boy or girl, that issue becomes the next individual in line bypassing its uncle Harry.