Saddam, himself, was always the real Iraqi WMD - responsible for the deaths of somewhere in the neighborhood of 1.5 - 2 million Iraqis. The world is well rid of him.
Congrats to the servicemen involved in Saddam's capture. To have taken him alive when he was expected to "martyr" himself through suicide or going down in a blaze of gunfire as his sons did, is an almost unimaginable coup. Saddam's bedraggled visage in captivity will prove a far more powerful and enduring image than even that of his toppled statues.
And congrats to Pres. Bush, PM Blair and the rest of the coalition leadership. The intermediate-term political dividend will likely be small, but it will undoubtably be positive. And in countries where the electorates are as closely divided as in, say, the US or Italy, it could mean the difference between victory or defeat.
It remains to be seen whether Saddam's capture has any lasting effect on the insurgency. It has never been clear what role, if any, he had in coordinating, financing or inspiring Bathist bitter-enders. He appears to have been captured with some documentation indicating he was in touch with elements of the insurgency, though. I'm guessing the biggest benefits will be in the willingness of Iraqi informants to come forward now that they no longer have to fear that Saddam's regime will outlast the foreign interlopers and return to power.