Nah, it makes no sense. If we knew where he was we could take him out from the air, there's no need to send in special ops guys except for photo ops. I don't think Bush would do that. I hope not at any rate.
Just speculating here, but it may be at the request of Mushi. He's not terribly popular in Azzramistan, or Waziristan, whatever it is. A 500lb munition wiping out a village might cause serious problems.
There is a good reason if he is surrounded by the widows and children of the men he lead to hell.
I've read reports that OBL may be very ill. Maybe patience and containment will take care of him. Not as politically sexy of course, but it gets the job done.