This is exactly the issue. Much was made yesterday about David Kay's belief that no weapons of mass destruction would be found, undermining President Bush's credibility. Kay clarified his remarks somewhat with respect to the President.

“It’s an issue of the capabilities of one’s intelligence service to collect valid, truthful information,” Kay said. Asked whether President Bush owed the nation an explanation for the gap between his warnings and Kay’s findings, Kay said: “I actually think the intelligence community owes the president, rather than the president owing the American people.”

This statement from the prior day's article in the New York Times clearly places the blame on Bush and not the intelligence services:

Dr. Kay's statements undermined one of the primary justifications set out by President Bush for the war with Iraq. Mr. Bush and other top administration officials repeatedly cited Iraq's possession of chemical and biological weapons as a threat to the United States, and the lack of evidence so far that Saddam Hussein actually had large caches of weapons has fueled criticism that Mr. Bush exaggerated the peril from Iraq.

Also, from an recent interview with Mr. Kay where he states (indirectly) that at least something was going on:

In an exclusive interview with The Telegraph, Dr Kay, who last week resigned as head of the Iraq Survey Group, said that he had uncovered evidence that unspecified materials had been moved to Syria shortly before last year's war to overthrow Saddam.

"We are not talking about a large stockpile of weapons," he said. "But we know from some of the interrogations of former Iraqi officials that a lot of material went to Syria before the war, including some components of Saddam's WMD programme. Precisely what went to Syria, and what has happened to it, is a major issue that needs to be resolved."