Yes, on the one hand it is good news. But it would be naive to think that the war on terror is easing up. In fact, it'll probably increase now. Bin Laden had gotten to the age where he was just a figurehead of Al Qaeda and so he wasn't at all the ideas man.
Moreover, there are so many splinter groups of Al Qaeda who plan their own attacks so if anything, they'll be spurred on for more attacks now.