You're probably right that Israel won't act on its own to conduct an effective campaign. Their best bet would be to go in jointly with the US or at least with any assistance from the US by limited means through the intel community (ie-satellite imagery, human intel, etc). The US proved that it can aid so called termites against formidable foes, just look at the Soviet invasion of Afghanistan.
Although Israel would be eager to look for a solution for an effective air campaign, it would definately be much much harder than the Iraq raid. Saddam had only one facility to be hit, while Iran currently has dozens of sites as well as underground facilities. Hitting all sites would probably be impossible and at best it would only slow the intentions of Iran wanting a nuke.
By the way, it's worth mentioning that Aljazeera.com says Israel can't carry out an attack on Iran...heheh. Well never mind, probably not worth mentioning..