Iran will not get close to a nuclear weapon, Israel will level the place with Jericho 3 missiles not bombs (as you stated). Israel is a very small country with a very dense population even one nuclear hit would be extremely grim. I would take Netanyahu's thin red line extremely seriously. This will be worse if Romney is elected with the hawkish republican party in power. Romney would not merely approve it, he might even help! One Ohio class SSGM and a flight of B2's can ruin Irans day for a very very long time and that is only the beginning of their pain-let alone B52's with standoff weapons like CALCM. These taking off from Deigo Garcia...trust me the Mullahs would have a very, very bad day!
As far other world political groups like EU or Arab League, the USA is waiting until they have had enough and don't care if Iran is attacked (this is Obama's strategy).
The idea to cripple Iran with sanctions just wont work. Sanctions are the siege warfare of the modern world; they are only effective if the besieged remains isolated. Frankly, Iran has done an excellent job of getting by sanctions until very recently. This is what Netanyahu is saying-his clock has less hours in the day than Amercia's, and he is right.