Can Israel Live With A Nuclear Iran? [Unedited]

Over the summer of 2012, despite increased international pressure and economic sanctions, Iran doubled the number of nuclear centrifuges installed in its underground Fordow site, stopping just short of the capacity to produce nuclear fuel.   President Obama has rejected Israeli Prime Minister Netanyahu’s call to draw a “red line” that would trigger U.S. military action.  But what would the costs and benefits of military action be?  Can Israel live with a nuclear Iran, or could the time be near for a pre-emptive strike?