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Update: March 24th, 2008. The American death count has topped 4,000.

The New England Journal of Medicine (1/31/08) published a survey conducted by the Iraqi government on behalf of the World Health Organization, which estimated that 151,000 Iraqis had been killed by violence between the March 2003 invasion and June 2006.
The write-up in NEJM begins: "Estimates of the death toll in Iraq from the time of the U.S.-led invasion in March 2003 until June 2006 have ranged from 47,668 (from the Iraq Body Count) to 601,027 (from a national survey)."
It's worth noting that 601,000 figure from Johns Hopkins study and the 151,000 number from WHO both only go up to June 2006, and therefore also leave out the worst of the violence.
The most recent survey of Iraqi deaths is the poll conducted by Opinion Research Business, a top British polling firm, in August 2007, which found an estimated 1.2 million deaths by violence among Iraqi households.

To suggest that an Iraqi death is somehow insignificant is to speak contrary to the teachings of every major religion in the world, including Christianity.

Links:
Faces, names and ages of those killed in Bush's war
VoteVets.org
Veterans For Peace
National Priorities
Truth Out Multimedia
Iraq Veterans Against the War
Think Progress
Reinform.org