The Open Thread posted at the beginning of the month has gotten really, really big, so I've gone ahead and made another one. Post your new discussions here!
This thread is for the discussion of Less Wrong topics that have not appeared in recent posts. If a discussion gets unwieldy, celebrate by turning it into a top-level post.
If you extract the plutonium and make enough warheads, and you have missiles capable of delivering them, it can make you a superpower in a different sense. I'm assuming that you're a large country, of course.
More seriously, nuclear waste is just a combination of the following:
Mostly Uranium-238, which can be used in breeder reactors.
A fair amount of Uranium-235 and Plutonium-239, which can be recycled for use in conventional reactors.
Hot isotopes with short half lives. These are very radioactive, but they decay fast.
Isotopes with medium half lives. These are the part that makes the waste dangerous for a long time. If you separate them out, you can either store them somewhere (e.g. Yucca Mountain or a deep-sea subduction zone) or turn them into other, more pleasant isotopes by bombarding them with some spare neutrons. This is why liquid fluoride thorium reactor waste is only dangerous for a few hundred years: it does this automatically.
And that is why people are simply ignorant when they say that we still have no idea what to do with nuclear waste. It's actually pretty straightforward.
Incidentally, this is a good example of motivated stopping. People who want nuclear waste to be their trump-card argument have an emotional incentive not to look for viable solutions. Hence the continuing widespread ignorance.