Don't get discouraged by the media spin of the Iraq Survey Group report. The part being reported is the part that says Saddam had no WMDs prior to American action in March 2003, but there is so much more there, specifically about the bribery and corruption of UNSCAM and about Saddam's plans for his WMD program once the sanctions were lifted.
The report, along with the article I mentioned a couple days ago out of the London Times, discusses how Saddam was specifically working to "coerce and bribe" (to borrow a phrase) France, Russia, and China, veto-holding Security Council members to vote against the US. In particular, the French oil company, TotalFinaElf was promised lucrative oil contracts once sanctions were lifted. Russian oil companies were also in the process of negotiating similar contracts.
Bush opponents likely will make the case then that the sanctions were working, because Saddam wasn't developing WMDs. This falls apart, though, when one examines the oil for food program, and the incredible corruption throughout. Saddam was channeling the money he received through this program into his military, and into a program that was often used to fund WMD research, while he prepared his facilities to begin production of chemical weapons within weeks of giving the order. Saddam's whole strategy was designed around using the corruption of the UN to undermine it and do away with the sanctions. He was clearly encouraged in this endeavor by his ability to bribe people in the UN and on the Security Council as well as his ongoing ability to violate the Security Council resolutions governing the 1991 cease-fire. Had things continued in this vein, I imagine Saddam would have found some way out of the sanctions shortly.
Other bloggers, are, of course, better informed and more eloquent than I about this issue, so I urge everyone to check out Glenn Reyonlds' look at this over at Instapundit and at GlennReynolds.com.
Not to be left out, Power Line has an excellent preliminary analysis. Also read this post.
LGF weighs in, as well.