Iraq is probably still a threat to his neighbors; that's what got us involved in the first place.
He is not now a direct threat to us despite several years of trying to make that case.
Any direct threat to the US comes from our own 'friends' who have so far used radicalism to sustain their thrones and foreign bank accounts.
I wouldn't be surprised to learn that the 'get Saddam' chorus is somehow intended to stabilize them and reduce their reliance on thugs like Ben Laden.
I think that Kadaffi (sic) is quite comfortable with his role in Africa & hopes to remain outside of the Arab/Islamist jihad.
In any event, after 9/11 anything the US might do in the region would be retaliation and not a first strike.