This seems like the administration's attempt to cover for officers in the Pakistani government.
So we knew where Bin Laden was in 2006 and could have killed him then, but didn't. On the face of it it seems suspicious, but it could just have been part of our plan to keep the Pakistani's on our side as we launched waves of drone attacks against the Taliban and Al Qaeda in Afghanistan.
If Bin Laden wasn't much of a threat at that time, then no need to kill him.
This smells more of realpolitik than Obama incompetence or untrustworthiness.
Maybe in the long run it would have been better for this to have been kept quiet. We'll see what happens with relations with Pakistan over the next few months.
Hersh also says the local military cut the power grid the night of the assault... http://www.lrb.co.uk/v37/n10/seymour-m-hersh/the-killing-of-osama-bin-laden
Bingo! It galls my heart to have to say it but this would be the right thing to do. Protecting allies in the Paki government and military.