Wow the conspiracy theorists came out quick on this one. Whether you choose to believe the government account is your choice. I choose to believe most of it and I base my conclusion on optics and risks.
Risks:
First of all the nature of the raid itself was hugely risky to Obama. An incursion into a foreign country with your own troops is a big deal. This ain't Predator drones dropping bombs. International incident right away. But manageable - just throw some money their way and say you're sorry.
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Secondly the operation took place far from the Afghan border near Pakistan's capital city and two army bases. Huge risk especially the distance from the Afghan border meant limited amount of operational support. What if the Pakistani Air Force were scrambled and shot down the helicopters on their way in or out for that matter. Can't hide from this one and it will make everyone look bad.
Third, it was in a populated part of Pakistan. Something goes wrong and it can be deadly and very public and there are so many things that can go wrong in an operation like this (helicopter malfunctions being one of them), I'm sure some of you are old enough to remember the attempted rescue of American hostages in Tehran. That was a huge failure and many believe it led to the election loss of Jimmy Carter. Nuff' said.
Finally, what if they hit the wrong house, kill innocent civilians (perhaps even a rich Pakistani governement official - many do live in the area). That would be a total disaster. Again that will mean the end of Obama in 2012
All of these things are risky and would doom Obama's presidency, reputation and re-election chances. No President would risk this or even fake something like this in that nature. If they wanted to fake something it would've been in an isolated farmhouse in Afghanistan and they would wipe out all witnesses.
Administration mistakes:
The Obama administration has been making all sorts of mistakes over the past few years in managing the message and this was no different. First of all, an event this big is bound to get out and they wanted to gets as much bang as they could for their buck, so they rush out an announcment Sunday night with a details press conference after. They should have said simply that, "US forces raided a house in Pakistan and killed OBL." Additional details are to follow after a detailed briefing from the raiding team. Obama can say the other stuff like, "I asked the CIA to find him, blah, blah, blah." But leave the details of how he was killed out until they got their story straight. The way it came out with the accounts of OBL shooting at the SEAL team, using a female human shield, etc. was messy and created/added to the conspiracy theorists. IMHO I think they are hiding something though, I think they shot OBL unarmed. Whether it was the zeal of the special forces or it was an order from the president to not take him alive, OBL was not suppose to leave that house alive. And with good reason. Can you imagine how many hundreds of millions it would cost to keep OBL as a prisoner? Would you take him to Guantanamo? Can you imagine how many guys you'd need to protect him? Can you imagine every Al Queda extremist trying to break him out? How about a trial? What kind of circus would that be? This was way easier and cheaper. The reasons for the mixed accounts also stems from a legal stand point, the law is fuzzy in the US about a president ordering a hit.
Optics:
The burial at sea was done after offering his body to several countries who all said "No thanks". The Obama administration has stated that they wanted to reset their relationships with the Muslim world after the Bush, so seeming to adhere to Muslim custom and respecting the body was an olive branch of acknowledgement towards them. Dumping him in the ocean also meant no shrine for OBL where his followers can rally. It was a gamble but it has worked because the Muslim populations have not freaked out and protested in the streets. They're not burning anymore American flags than before in Palestine. His followers and extremist will still be his followers and extremist but the US did not want the general Muslim community to get up in arms and they've largely not done so (remember just recently when the Quoran was burned - it caused the deaths of many UN workers in Afghanistan - I'm sure this was on the President's mind as well). Not parading his body and acting like a bunch of pack animals was another thing to quell any Muslim complaints. Obama is right, he's not a trophy just a dead asshole. I'm very certain that the entire operation and process from start to finish has been documented by the government. In time through Freedom of Information Act requests there will be some stuff that we can see. But no point in inflaming regular Muslims right now. Things will die down and then they'll come out.
This was an extremely risky operation that could have led to the downfall of the President if it failed (it's akin to going all-in and hoping that the last card will give you a straight). He gambled and it paid off. It's not worth faking by any stretch of the imagination because if the truth comes out he'll be sunk. Remember, no one was thinking about Osama Bin Laden. If he was never caught it wouldn't matter, Bush never caught him either. So given that, why risk it.
He did it and he deserves credit for it. It was all or nothing.