You're three possibilities are all reasonable, but still with some difficulty.
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1. The military has been terribly embarassed over premature announcements in the past, and is keeping this one more controlled until they figure out exactly what they've got.
They have indeed made announcements about potential finds several times over the last few weeks. I'm not sure the military learn that quickly!
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2. This really IS the "big one", and the military wants to follow up and find all the goodies before going public.
I think if this was "the big one" we would not even know the guy was in custody. I realize it could be construed as a terribly clever and devious double-bluff, but again, I am not convinced that the "intelligence community" is teribbly good at that sort of thing at all.
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3. This is the first step in a disinformation campaign, where the US government will "plant" evidence to "prove" Hussein had all those bad things prior to the war, providing justification for the invasion. I've actually heard this proposed by a number of otherwise rational people.
Well, Rumsfeld supplied the anthrax culture in the first place, so he doesn't need to "plant" any, he just needs to find some of his former microscopic buddies for a reunion. Personally I
can imagine them planting chemical or biological weapons as a last resort, but frankly I think it unlikely unless they really come up with nothing at all. And I do not believe that will happen.
Iraq
admitted having had chemical and biological weapons - the US, after all, supplied and encouraged them. They also claimed to have largely decommissioned them. The US only needs to discover such decommissioned facilities in whatever state and declare them to be the smoking gun. In the fog of war and its aftermath, withoout any independent overview, this should be sufficient.
Whatever, it would take a lot to convince me that Iraq had any chemical or biological capabilities which provided sufficient justification for war.