Osama bin-Laden has met his maker, facilitated on his journey by a US Delta Force operation (which would have involved a SEAL fire team–SEAL Team Six, specifically– Air Force special operations platforms for insertion and extraction and US Army special forces and CIA paramilitaries doing the human, signals and technical intelligence to pinpoint his location and guide the fire team to the target, and which appears to have involved the fair use of deception in order to divert Pakistani attention elsewhere). Militarily, it is a tremendous achievement and underscores that the US military has become the most experienced and dangerous military force on earth (after all, it has been continuously at war for most of the last three decades, in both high and low intensity operations, and has developed a full spectrum skill set that no other military can match). It tells the jihadist movement that, as in the case of the old Nazi-hunter’s approach to fugitive war criminals, they can run but they cannot hide. It tells would-be adversaries such as the Chinese and Russians that they have a long way to go before they can militarily challenge with any hope of prevailing. As for the likes of the leaders of Iran and Venezuela, it tells them that reckless provocations can have unpleasant consequences even if they hide amongst wimin and children. In a word, the US is unsurpassed in projecting force, which means it is dominant in any battle field, even if it takes some time for it to adjust to the tactical exigencies of the moment (this, however, does not mean that it can politically prevail in every instance, which ultimately is the determinant of overall victory in war. Political issues, rather than military balances, are what make the Afghan conflict and Pakistan’s instability so intractable).
The significance of killing of bin-Laden is more symbolic and ideological rather than practical. After all, al-Qaeda has been fragmented and forced to devolve into decentralised small unit and self-radicalised “lone wolf” operations that cannot alter the strategic equation that runs against them. It can lash out and cause damage in restricted tactical operations, but it is no longer able to mount big symbolic attacks such as the 9-11 and 1990s US embassy bombings in Kenya and Tanzania (reports of a hidden al-Qaeda nuke in Europe notwithstanding). Strategically, AQ is not a game-changer.
The killing of bin-Laden is the second ideological blow to al-Qaeda that has terminally weakened it as a global political force. The first blow was the Arab Spring, currently ongoing, in which al-Qaeda is a non factor. Instead of rebelling in support of Sharia rule, fundamentalist interpretations of the Koran and the extension of the Caliphate, the Arab street has risen up against tyranny in favour of democracy, free speech, popular vote, government accountability and better equality of opportunity. These are “Western” values that al-Qaeda explicitly rejected, so the ideological repudiation of its vision of the preferred Muslim society is near complete. With the death of its symbolic leader, the futility of its fight is made apparent.
This does not mean that AQ is not dangerous. Ayman Al-Zawahiri, al-Qaeda’s operations director and the person with the fixation on airplanes and transportation hubs, is still alive. Small-scale operations, to include inevitable revenge attacks, will continue for some time to come, if not forever. But as a fighting as well as ideological force, al-Qaeda is spent.
However, another can of worms has been opened by bin-Laden’s killing. His location in a modern constructed (2005) fortified compound with 3-5 meter walls topped by barbed wire located 40 miles outside of Islamabad suggests complicity by at least some elements of the Pakistani state in sheltering him. Although President Obama has said that he consulted with Pakistani authorities and that they “collaborated” in the operation, the truth is more likely that such statements are designed to save Pakistani face and that if anything, the Pakistani authorities were alerted only once the operation was over. The civilian government is weak, fractured and does not control either the military or the intelligence services (ISI). one would think that at least some elements of Pakistan’s security forces would have to have been alerted to the construction of the compound and the unusual nature of its occupants. The Pakistani state is fractured and acts as a sieve when it comes to information leaks, unless the subject matter is too important for some state actors to divulge because their own core interests are involved. Thus it is improbable that the entire Pakistani security complex had no idea of bin-Laden’s whereabouts.
The Pakistani authorities are now confronted by a dilemma. They have repeatedly complained about drone strikes as violations of territorial sovereignty, and most recently ordered the expulsion of dozens of CIA agents. Yet the raid on bin-Laden, so deeply into Pakistani territory–over 120 miles from the Afghan border (or more than 250 miles if the assault came from the Arabian Sea) and so close to the Pakistani capital–is a direct and measured assault on the sovereignty of the Pakistani state. It tells the Pakistani authorities that they do not have a monopoly on security within their borders, and that they are not trusted to share intelligence on critical subjects within those borders. This will leave them embarrassed and seeking a way to placate what will be inevitable domestic protests against the raid and supposed Pakistani collusion with it.
Under such conditions it is not implausible to speculate that some elements of the Pakistani security apparatus will attempt to stage a honor-restoring diversion so as to appease public unrest and re-establish some measure of self-pride. This could be focused on India or Afghanistan as easy targets for unconventional or proxy warfare. It could involve diplomatic retaliation such as a turn towards China. But is seems inevitable that the Pakistani State will be rendered by this event, and that the consequences of that destablisation may be anything but positive.
Hence, jingoistic flag-waving in the US notwithstanding (and some will say that the flag-waving is amply justified), the death of Osama bin Laden may bring some degree of closure but it is not the end of an era. It could well spark an uprising of extremist Muslim resistance that is reinvigorated by its  symbolic leader’s death. It will force a change in US-Pakistan relations and in the way Pakistan behaves as a geopolitical actor.  Whatever the consequences, this is just the end of one chapter and the beginning of another in a story yet to be concluded.