I don't know about Bhutto personally, but the elections certainly represent a democratic option, and they are certainly one of the main things that have been sabotaged by this attack and Bhutto's removal from the picture.
Certainly.
Does this mean that democracy itself is the target of this worldwide devolution to terrorism? Sometimes it seems that way to my limited brain.
That would depend on your definition of democracy, and which terrorism we're talking about.
For example, Islamist groups aren't at all opposed in principle to free elections -- in fact, in many countries, they're the ones most likely to win such elections (like Hamas did in the Palestinian territories). OTOH the kind of political system they have in mind is democratic at best in an extremely limited sense of the word.
OTOH terrorism like what we've been seeing in Lebanon is directly targeted at the democratic elements in a partially democratic political system. But it doesn't have anything much to do with Al Qaeda.
Globally, we're seeing a whole bunch of different trends, some democratizing, some the opposite. China is seeing its authoritarian system slowly erode under pressure of globalization and globalized trade. Under EU influence, central Europe has democratized, the trends are, on the whole, positive in the Balkans and in Turkey. There are some encouraging trends in Africa as well, as some of the old dictatorships are crumbling and being replaced by less completely corrupt systems. Madagascar and Kenya, for example. And in the Arab world, we have some pretty encouraging developments in a few Gulf countries like Qatar and the Emirates.
On the other hand, most of the other Arab countries have been slowly rotting where they stand; after a brief spring of hope in Syria it's gone back to a Hafez al-Assad style police state, Egypt is basically waiting for Mubarak to croak, Libya has been admitted back to the ranks of the not completely deranged countries but Qaddafi is as much of a loon as he ever was (with some style, though, I have to say), and Tunisia, Algeria, and Morocco don't appear to be going anywhere fast.
Russia went from near-anarchy to a more or less stable semi-authoritarian system. American democracy is doing fine on the state level, but in something very close to a crisis on the federal level. The EU is (still) struggling to define itself; by and large the member countries are doing about as well (or badly) as they ever were, but democracy doesn't really work well on the union level. There's also a fair bit of disenchantment with it, especially among the "older" EU members who love to blame Brussels and the euro for everything from the price of bananas to the way cheese just doesn't taste the same as it used to.
Finally, I don't really think there's been a "worldwide devolution to terrorism." Terrorism is as old as warfare, and I believe that if we'd actually count the number and gravity of attacks, we'd find that nothing much has changed there compared to just about any period you'd like to compare against. What has changed is media response: the West has lost its sense of immortality, and consequently follows terrorism all over the world much more closely than before, and acts like Benazir Bhutto's assassination resonate much more deeply and widely.
@chamr: about it directly benefiting Al-Queda, etc--that's what I meant by "ultimately only benefits those looking to profit from the disorder"--whether they did it or not, they will certainly benefit from a) the attention, and b) the fear and chaos instilled by the attack. Though of course, over time I think attacks like this tend to mobilize the opposition as well.
We'll find out soon enough if it was Al Qaeda. They will claim responsibility for it if they did do it. OTOH if some previously unheard-of Islamist group claims responsibility, it's virtually a confirmation it was the ISI, or some faction within it.