Kosar raised a good point that tends to go unnoticed in discussions such as these.
I have no doubt that Saddam was a bad man and eagerly wanted to do bad things. However, the two times we've gone to war with his military, major combat seemed to be won with ease. Throw in the fact that they don't have an air force, and I just don't see how they could be viewed as a real, immediate threat.
The only method of fighting over there that has had any sort of success is hit-and-run, guerrilla warfare by insurgent groups. And the 2003 invasion has only increased the numbers of those willing to do just that because all they see is a foriegn country trying to enforce its will on them and their way of life.
That's my biggest problem with the war. They really had no means to attack us, no major weapons to attack us with, and no air force to transport those weapons even if they did have them. So the only real way for Iraq to become a threat to American or American military forces is to place those forces in Iraq. Now they're there, and sadly, the death and injury tolls continue to rise.