apparently it's a bad idea to let a dictator manage the books on Oil for Food programs.
Saddam wanted to begin WMD development programs once sanctions had been lifted to deter attacks from Iran (and Israel, to a lesser degree), although he had no formal plan to do so. this is not yet a threat to the US. Saddam didn't plan to attack us and he has shown no desire to work with terrorists. for this threat to be real, 3 things must happen.
first, sanctions must be lifted. i'm not sure how long this would have taken, if the US would allow it to happen, or if we would shift our focus away from Iraq if it ever did happen. many humanitarian groups disliked the sanctions, though.
second, Saddam must develop weapons undetected by any international intelligence agency and the IAEA.
third, Saddam must (a) suddenly hate us enough to attack or (b) suddenly care so little about this empowering, ego-boosting technology to sell it to unpredictable terrorists (whom he previously rejected).
while it is possible for all of this to happen, the chance of an attack on the US is infintesimal at best and would not happen for years. i'm not saying it couldn't happen, but maybe we jumped the gun a little bit? it's probably better to worry about that driver talking on his cell phone next to you on the highway.
actual report summary:
http://www.cbsnews.com/htdocs/pdf/wmdfinalreport.pdf
full report (huge):
www.cia.gov/cia/reports/iraq_wmd_2004