I don't think we can compare USA having weapons and Saddam having weapons. Of course both have shown they can agress other countries without having been attacked. BUT the USA respect population in a completely different way, and they have real elections (despite all we can say, Bush has been elected and if its opposition would have been stronger he would have lost. This is not the case for Saddam). All countries have weapons, and Saddam has shown he is able to use chemical weapons against civilians. Would he have nuclear or biological weapons, he would uses these for sure. I can completely disagree with the way this war was started, but one cannot compare Bush with Saddam, neither can we compare Saddam or Bush with Hitler.
Bush is more Napoleonian and the real weapons are not the bombs. But this could be another thread.
The real treat is not Iraq, it's the level of hate and frustration we are building in a growing part of the population of the world.
Do you remember the troubles in LA a few years ago when a some policemen were misbehaving ? Imagine that at the world's level.