I agree. Objectively, the logically “correct” Al-Qai’da strategy should be to radicalise the situation further.
Attacking Spain was likely to knock them out of the Alliance as they never had secured any popular base of support for their involvement - indeed 90% against.
The US/UK Iraqi invasion has been a major plus for AQ, a secular regime has been toppled, the Arab civilian opposition to America has been increased, a wedge has been driven between America and much of the rest of the free world who were supportive after 9/11, plus a new front has been opened for terrorists to operate in Iraq. Additionally the US are focused on Iraq to the exclusion of nation-building in Afghanistan or pushing fresh peace initiatives in Israel/Palestine which might gain them cudos, the Bush administration have fewer options generally (hampered by not being able to try any initiatives that might be seen to be backing down, especially after US reaction to the Spanish election).
Bush is clearly a long term asset to AQ. As the voters in the US seem on the whole in favour of the War in Iraq a further attack will probably strengthen that will. Therefore AQ will attempt a further attack on the US mainland or US interests overseas failing that prior to the Nov elections. If that helps Bush win re-election that is a gain for AQ.
The UK is more difficult to call, partly because the electorate are evenly split on the War in Iraq issue. They have probably more expertise than any other nation at terrorism prevention given the IRA struggle over the last 30 years and are thus a more difficult target than most. Also Blair does not come up for election until 2005. My guess will be they will hold off until after the US election.
If Bush loses then Blair is probably in deep trouble which a terrorist attack will only increase. Such an attack then would be the AQ next aim, although probably unnecessary for their aims. If Bush wins - well my crystal ball goes cloudy then.
My best guess would be that if Bush wins in absence of an attack on the US, then it will be worth it to attack the British. AQ will want to isolate Bush further and try to knock out his last major ally. If the US is attacked again, then I suspect even if Bush wins Blair will be out (pushed out by his party before the election) on the basis that his policies will have been seen to be failing - the world having become a more dangerous place. Labour would win in any event though, due to the absence of any credible alternative, but would PM Gordon Brown take the UK out of the Iraq Alliance? Hmmm possibly, but probably not out of the War on Terror IMHO. He would try to focus it on the underlying sources - going big on pushing the US toward increased Israel/Palestine and Afghanistan nation building initiatives.
I do not know enough about Australian or Eastern European politics to express an opinion on what effect attacks on them would be. I would guess that at least the latter are so dependent on US goodwill that they might tolerate mass casualties in exchange for closer US alliance.
Destabalising Pakistan must be very high on the AQ hit list - I give high odds on a successful assassination of their President Mushareef (spelling?) before the end of 2004.
None of the above does anything other than make me quake in my boots, being of the opinion that until the US abandon their military response to the terrorist threat there can be no end in sight ever. I pray for a Bush election defeat but know enough about the Democratic Presidential record of overseas aggression to hold my judgement of what happens then. It cannot be worse that what we currently have.