My understanding is that he didn't think Moshiach was coming, he thought that Bar Kochva was actually the mashiach. That's a step further removed from simply thinking that we may live in the messianic era.
But I'm also sensitive to the danger of too many ppl thinking that Mashiach is imminent. Think Shabbtai Tzvi for example, and the mess that ensured. None the less, I think that factually, AsherO is correct. This may be why most Rabbanim don't talk about mashiach too much, b/c of this tension.
Either way, maybe a mashiach thread should be started? (And not one related to Chabad)
I'm all for a Moshiach thread, and even more for it if it actually discusses Moshiach (and not what some chabad or non-chabad people believe). The Shabbtai Tzvi (Yms"h) situation was crazy, but I don't think it warrants dismantling the foundations/principles of our faith.
Also, for the record, ikvesa d'mshicha is not 'the messianic era', it's the period immediately before Moshiach's coming, granted the duration of this period is not defined (AFAIK). Oh, and I've been meaning to say for a while now, that the Chofetz Chaim was known for his awaiting the imminent coming of the Moshiach.
P.s. Mods, please consider forking a Moshiach thread.