What is the significance of the phrase "Sic Transit Gloria Mundi"?

The phrase is used during the ceremony of assigning a new pope, and can be interpreted in many ways. A translation would be: "So pass the worldly glories." How would you interpret its meaning, think of its context being used in Christianity and, possibly, some esoteric circles as well? To clarify, I know the translation and the instance in which it is used. What I'm looking for is if there is some contextual knowledge that would add to the *symbolic*, *historical* or *ethical* meaning of it.