There is a flurry of new reports this week that Israel is considering its military options against Iran and its nuclear program. Links to some reports and a good general discussion are set out by Spook at In from the Cold.
Count me a skeptic about the Israelis pursuing a military option. The ranges are long, the targets too dispersed and probably hardened. Absent the use of nuclear weapons (unthinkable without an actual Iranian attack on Israel) I'm not sure the Israelis have the weight to do enough damage to Iran or its program (much less killing the scientists and the institutions that give the Persians the capability) to justify the political problems created by such an action.
I think similar considerations (politically at least) would hobble a US effort.
The Iranians have essentially won this hand. If Iran wants nuclear devices, there is not a usable military option available to stop them at the moment. The only way they can lose at this point is by being over-truculent and forcing the outside world's hand. However, the regime is sailing very close to the wind, and there is a strong possibility that the Mullahs and "Mad Jad" Ahmadinejad could bluster themselves into a real war by mistake.
The mullahs' weakness is that they need political confrontation with America and the west (at least on this issue) for much the same reasons that Chavez in Venezuela does. The mullahs have made such a hopeless mess, economically, spiritually and politically, of Iran that a foreign threat is imperative to keep the regime out of serious trouble. For the mullahs (and us) the problem is that the consequences of the confrontation ever becoming violent cannot adequately be predicted: a few raids would no doubt unite the public behind the regime; but if the world becomes afraid enough, a real war could destroy both them and their country.
The desire for nuclear power and nuclear weapons unites both the regime and its enemies. Halting Iranian nuclear programs politically is simply unlikely to occur. The Iranian nuclear program is dangerous not for itself, but because the mullah regime is dangerous, and wants to overturn the political order of the Gulf region, and beyond.
Change the issue a little. The Iranian nuclear program is the wrong target. The Iranian regime, which is both unpopular and criminal -- and more vulnerable politically than the nuclear program -- is the right one.