SPINSANITY has a lengthy sum-up on the "imminent threat" debate:
As a factual matter, conservatives are largely correct and liberal critics and journalists are guilty of cheap shots or lazy reporting. However, the evidence is not completely clear and both sides are guilty of distorting this complex situation for political gain. Specifically, while there's some evidence indicating the Bush administration did portray Iraq as an imminent threat, there's much more that it did not. Those attempting to assert that the White House called Iraq an imminent threat are ignoring significant information to the contrary. Similarly, those who say the Bush administration never used the phrase or implied as much are ignoring important, though isolated, evidence.