Personally, I don't think the quote changed much even if you put it in context like that. IMO, there is nothing wrong with that edit.
What are "ideaologies of hatred"? Could you prove objectively that Saddam and Osama believe in the same ideology? Instead of having "oh there is a tie", we have "oh there is a tie, because due to our unproven opinion."
Again, Michael Moore is a filmmaker. He is not a news reporter. It is not in his interest to tell all the facts, but only the facts that support his story. And if you have his message in mind, then you can understand why this out-of-context quote was 100% valid.