Can't agree with you there. The timing might very well have been based on the presence of a HVT, but the operation itself has significant merit in and of itself.
Sounds to me like they've located a major hive of terrorists, and are cleaning it out. This helps the Iraqis who have turned against the insurgency, it helps us in the "hearts and minds" department, and it kills a bunch of bad guys.
Zarqawi loses if he gets captured and killed; but I think he loses bigger if he gets away again, while leaving all of his minions to get killed.