Despite what the MSM will report today, I think that Saddam’s execution is a big deal.
The fact that he was brought to justice so swiftly by the Iraqi government is testiment to the fact that they are stepping up to rule their own country. I think this sends a strong message to the world. It shows that this new democracy is starting to make a difference in Iraq.
President Bush explains why Saddam’s death is important:

Today, Saddam Hussein was executed after receiving a fair trial — the kind of justice he denied the victims of his brutal regime.
Fair trials were unimaginable under Saddam Hussein’s tyrannical rule. It is a testament to the Iraqi people’s resolve to move forward after decades of oppression that, despite his terrible crimes against his own people, Saddam Hussein received a fair trial. This would not have been possible without the Iraqi people’s determination to create a society governed by the rule of law.

Saddam Hussein’s execution comes at the end of a difficult year for the Iraqi people and for our troops. Bringing Saddam Hussein to justice will not end the violence in Iraq, but it is an important milestone on Iraq’s course to becoming a democracy that can govern, sustain, and defend itself, and be an ally in the War on Terror.

James S. Robbins over at the NRO states that:

Likewise the prevalent non-opinion in the media that this event is not a turning point, that it does not change anything, is hard to take seriously.
Saddam’s fate was more than just a loose end that was tied up. It was one of those rare occasions on which we are given the opportunity to witness an act of unqualified righteousness. It was justice made manifest. And it was about time.

Yes, a tyrant who killed millions of his own people has been held accountable for his crimes against humanity. Good indeed has triumphed over evil.