Is this bigger than the capture of Saddam?

I'm not sure. Clearly, this is a great victory for the proponants of the war in Iraq. (I will post a write up I did in favor of the War that basically argues that the war in terror is two parts: 1. Against Al Queda and like minded groups and 2. Against the conditions that make those groups able to function. Autocrats in the middle east are the main cause of #2 and Iraq falls squarely into that category)

Khadafy owning up to his WMD and indicating an interest in dealing with the international community is a great step. It provides an alternative strategy for autocrats to deal with the West. Maybe Syria, North Korea, and Iran will take notice.

I'll try not to get too ahead of myself, though. No one was arguing that Khadafy was a major threat, we will have to see how the above countries react.