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Israel knows that Iran will retalliate. Iran may (?) not have nuclear weapons but they do have "conventional" capabilities including those Russian made "tank killer" rockets which drove Israel out of Lebanon recently. That leaves Israel with only two backup options: (1) Paul Wolfowitz's original thesis to bring the US into a full fledged war against Arab Nations or (2) nuclear.
Backup 1 might have worked when Wolfowitz first came up with it (mid 90s), but our military by anyone's estimate is stretched pretty thin and the "draft" doesn't get a lot of support even amonst the hawks (or particularly amonst the hawks). So that leaves backup No. 2. Now, while everyone pretends Israel does not have nukes everyone really knows that the same US scientists who aided Pakistan in its efforts to produce nukes also aided Israel.
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