There is one good reason not to release the photos of dead Bin Laden and no good reason to do so.
The reason not to release the images is clear: It could inflame fundamentalist radicals in the Islamic world and lead to violence against innocent Americans or Westerners. The raid on Bin Laden's house was achieved with remarkably little loss of life. If people were killed after the release, it would completely spoil that achievement.
The argument to release the photos, as being by some, is that to do so would stop any conspiracy theorists from thinking it was all a hoax and that Bin Laden is still alive and free.
But wait, if Bin Laden were still alive all he would have to do is release a video of himself. Since he's dead, that will never happen. So conspiracy theorists would have to believe he's still alive but chooses not to declare it. Why wouldn't he? It would be great revenge for him and make him the hero who can't be killed or found.
And of course releasing the photos would not stop the theorists anyway. They would simply claim the photos are fake and continue on.
Conspiracy theorists may exist on this issue but they will be an inconsequential few. Like Obama's long-form birth certificate, the photos will always be around if there becomes a time in the future to release them. As for now, it does not seem there really is such a conspiracy theory mounting or gaining any followers. And as time goes on and no "Bin Laden: I'm Alive Tape" shows, any such theorists will fade.
It is interesting to think that if the bombing raid had taken place, there would not only be no proof that Bin laden had been killed, but the administration (since it was not certain that Bin Laden was in the compound) could not have said with certainty that they HAD killed him. Just that they were "pretty sure" and then there would be the wait for another Bin Laden video to show.
The only conspiracy theorists Obama needs to worry about at all are domestic Obama haters (and they will probably show soon) who may assert that Obama somehow became certain Bin Laden was dead and wanted to take credit for it by staging a phony raid. Those people are not going to go out and kill anyone to prove their point.
Just keep the photos in a vault. Don't risk innocent lives. Bin Laden's failure to show is proof in itself that he is no longer on the earth.