Is Obama bin Laden dead or not? Was he killed in December 2001 or May 2011? Is the picture being released a fake (well...yes it is: see below).
There was a picture released by a Pakistani newspaper that definitely is a fake, but it was picked up by many of the more fantastical and uncritical news outlets, and so has legs, but it appears it may quickly be quashed. However, there will be those people who will consider the picture to be an official document and create an entire straw man conspiracy around it.
The other thing is that they "buried" the body at sea almost immediately. [sigh] There is no getting around this one. Apparently the powers that be did get rid of the body. The thinking behind the action makes sense: they don't want a shrine being built, not that it will stop people from making the entire stinking body of water a shrine, if they find it necessary to perpetuate their dogmas. But to rid themselves of the evidence so quickly will always be construed as suspicious. On the other hand, it is very doubtful that anything could be done that wouldn't result in a conspiracy popping up.
On the plus side if bin Laden is still alive, considered dead: he can finally have that bacon cheese burger he's been craving for so long. Maybe he, Elvis, and Big Foot can finally release an album.