Imagine if we hadn't invaded Iraq. How would the election be different?
Well, first we now know that the oil for food program was a total scam. We also know Saddam was in the process of bribing France, Russia, and China in the hopes of ending sanctions.
We still wouldn't have gotten Osama Bin Laden in all likelyhood so there would be this terrorist dictator in Saddam who was openly opposing us who, by all accounts in 2003, was in possession of WMDs with every intent to aid terrorists.
This article gives a pretty credible alternative timeline of how things might be.