What are you thinking the "real reasons" could be?
I myself don't think the Bush admin exaggerated one bit. I don't think the American people needed to be sold on the idea of our intervention into Iraq again.
As I've said repeatedly, the danger comes from Muslim culture, not just Iraq and Saddam. It's this culture that breeds such people as Saddam, Osama, Khomeini, suicide bombers, Ghaddafi, etc., etc. They don't need WMDs to do us great harm - as 911 showed. Since we can't defend against boxcutters we've decided to attack the threat at its source. That's the real reason.