There will be hundreds of foreign observers, but the military that have been in control since 1962, may not be willing to give up power. Even so, the pro-democracy needs to win 67% of the contested seats to win ( given that, as noted above, the military will chose 25% of the members of the legislature). There are also numerous ethnic parties, among them the Karens, the Kachins and the Shans, which make up about 40% of the population. The Muslim/ Rohingas are not allowed to vote and only 8 of the 20 armed groups have signed the ceasefire ( previous ceasefires in the 80s and 90s were broken).Yet he ethnic minorities are hopeful, that the outcome will lead to peace and stability.
Burma/Myanmar became independent from Britain, in 1948, after a very bloody insurrection. One of the leaders of the independence movement was Gen. Aung San, father of Suu Kyi ( he had helped the Brits defeat the Japanese forces that ad occupied Burma during the second world war, for its resources, especially rubber). The Constitution promised some self-government to the ethnic minorities, but these promises were broken by the military takeover in 1962 and the dictatorship has ruled the country with savagery, since then ( as noted above they changed into civilian clothing in 2011, but kept the power, building a brand new metropolis for themselves and their families and friends). The ethnic minorities, especially the Karens, the Kachins and Shahs, opposed the military rule and revolted and there was widespread violence, repression and destruction. This election is meant to end this.
Myanmar has an abundance of resources, minerals, forestry etc. and the world is eager to trade and invest, but have held back because of the continued fighting. The results today and the response of the military and their "civilian" backers, especially the majority Buddhists, will be watched closely.
Suu Kyi and her coalition has won the election with about 71% of the votes. She cannot be president but she has stated that she "will be over the president" . This is troubling. I hope she resists the "urge" and instead focus on the minorities and especially the treatment of the Rohingas. So far, the military and the militant "buddhists" monks who support them have been quiet. Let's hope they respect the result.