An excellent summary article by Daniel of the current situation - and his analysis is spot on.
That said - There is a snowball's chance in hell that Israel will act against Iran before or during the election.
Why ? Too much to risk - on the possibility that Romney/Ryan will be taking office and might actually do something about the situation (they won't - but the 'hope' is there). Wiping out Iran's nuclear capability, a very, very long shot indeed, would actually accomplish very little. Pakistani nukes would quickly fill the void - or Chinese, or Russian.
The reality is that Israel has been reduced to only the 'retaliatory' strike option for the use of nukes on Israel. Mecca and Medina would cease to exist - and the entire muslim world knows this to a certainty.
The MAD option is the only one remaining - and unfortunately, that is probably the way it is going to go.
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