Bin Laden does reprehensible activities, and we should surely take care of that by killing him as soon as we can. But he's not an irrational man. He's a very worthy enemy. He's an enemy to worry about.
We have not destroyed al Qaeda, so we still have that to worry about. We have its traditional allies, the Kashmiri groups, the groups that are operating now in Iraq, and now we have a third tier of threat amongst the Muslims that live in the West and who are inspired to do something against the West by the example of the other two tiers.