I'm not quite clear on why the only way to avoid an invasion of Kuwait is to have an Iraqi victory against Iran (that seems like it would increase the odds, not decrease them), but still, this idea produces some extremely interesting butterflies. For one, if Kuwait isn't invaded, then the US won't put it's troops on Saudi Arabian soil, which was a major casus belli for al Qaeda. One could go so far as to butterfly away a successful attack on the World Trade Center this way. With no protracted wars in Iraq and Afghanistan, we'd instead see a highly proactive American presence in other parts of the world. Relations with China and Russia might be frostier due to bumping heads with them more aggressively, and one or two human rights hellholes might see American troops intervening in a progression from Clinton's OTL foreign policy (Clinton himself might get butterflied here, but probably not, and Yugoslavian civil war certainly won't). Offhand, I'd say either Sudan or Somalia are decent candidates to receive American peacekeepers at some point in the 00's. Those will likely get messy, but not nearly so much so as Iraq/Afghanistan OTL.
All in all, this divergence would probably lead to a more stable planet as of 2012, but we'd also likely see a butterflying or deferral of the Arab Spring, so take that as you will. Oh, and this wouldn't stop the Sub-prime bust, so no dice there, either.