The Monterey Institute of International Studies offers an analysis of difficulties and consequences of an Israeli or American preemptive strike on Iran's nuclear facilities and concludes that the negative long-term liabilities of such a strike would negate any short-term benefit. It's the best argument we've seen for essentially doing nothing about Iran's imminent nuclear weapons capability.
The problem is that many of the dire consequences the above report cites as reasons for declining to attack Iran's nuclear facilities are already upon us. They argue, for example, that Iran would certainly work hard to undermine the nascent democracy in Iraq and bring our efforts there to grief, but as this article makes clear, Iran is already doing pretty much whatever it can to destablize Iraq.
It seems likely that whatever Iran can do to hurt and thwart the United States it will do whether or not we take out its weapons-making capability.
Thanks to Hugh Hewitt for the tip.
