I think the Bush Administration is making a horrible mistake here, as they should just try to get the whole WMD mess over with before elections come around. By delaying it, they are making it easier for the Democratic candidate to use it as a weapon during the election.
On the other hand, it also gives the Democrats something to talk about for a bit longer now, so that it keeps them from attacking each other until later in the campaign, which will hurt the winner of the nomination that much more, but I really doubt that is the administration's thinking.
This is one area I believe that the Bush adminstration should be taking more heat for. It's clear at this point that the strength of the Iraqi WMD program was vastly exaggerated. And this was the major basis of the war in the first place (sure, there were other reasons thrown out there, but the emphasis on those has only come as post-war spin. The major reason before the war was WMD, with all the others clearly being secondary reasons at the time).
Everything that is wrong in this world can be blamed on Freddie Prinze Jr.