I think Quadaffi wants to go into the oil business.
The reason that he is the "good guy" now is that he is willing to play ball with this business interest. Saddam was not.
Somehow, the US seems to be getting in bed with dictators and although the Bush Administration preaches democracy in other lands, it seems to keep supporting repressive regimes. Only when the supported dictators get out of hand, then are they censured. It has a feeling of an Appalachian mafia meeting.