I've said in more than a few posts that my fear re the Iraq situation is that either 1) Bush Lied (or some other phrase that might capture the subtleties of misleading a nation) OR 2) the weapons existed in all the gory detail that was presented to us- and have now been looted off into unknown hands (either terrorists or just folks looking to grab anything they can). Either option is bad. The third option, of course, is the 'we haven't found them, but all the weapons will be found undesturbed...stop worrying.' This option I am less inclined to believe than the option that Santa Claus elighted away with the weapons to put them safely away.
It looks more and more like we will have a situation between options one and two. Bush used faulty info, AND what weapons did exist (and what non-weapon-but-still-dangerous-material did exist) is now gone into the hands of either bad folks or unsuspecting folks looking for a spare container.
Read this, from the BBC. I linked to it from Josh Marshall's page. And as he says, it is indeed scary.