I think they are taking alot of hits over in Iraq and need to retaliate and so take this threat seriously. However, I believe the wiretapping and listening will prove to help stave off any major attacks since the NSA has been closely monitoring any activity. Plus, I have to believe that weapons and chemicals are also getting intense scrutiny that we don't hear about and for good reason.
AQ is not just on the run in Iraq but on its last legs internationally. Not just the US but other nations are finally getting serious.
Not that it will not be able to pull off a few attackes here and there but the Islamic world is waking up to the fact that AQ will bring nothing but ruin upon it. Bin Laden's theory has been proven wrong and it is clear that he has bitten off more than he could chew. But for his RAT allies we could finish off this bunch in fairly short order.