Nearly ten years after the attacks of September 11, and a year to the day after the failed Times Square bomb plot, U.S. Special Forces killed al Qaeda chief Usama bin Laden in a safe house some 40 miles north of Islamabad, Pakistan. As I think about what news of bin Laden’s death really means, I am convinced it is important is so many ways, and irrelevant in others. Here are some thoughts on the near term implications of bin Laden’s death for al Qaeda, its franchises and followers as well as for counterterrorism and intelligence efforts going forward.