Michael Koplow makes the important point, whoever wins in Gaza, it is clear who has lost: the theory that Iran can be deterred.
[T]he rockets from Gaza underscore the threat of missile attacks on Israel, and this is only enhanced by the fact that Hamas has obviously been supplied by Iran with Fajr-5 missiles capable of hitting Tel Aviv. If Iran is giving Fajr-5 missiles to Hamas, many Israelis are going to ask themselves whether the assumption that Iran would never supply Hamas with a nuclear missile is perhaps wishful thinking. …[W]hen it comes to the security cabinet and the IDF top brass in particular, the reporting on the subject has left the distinct impression that many of the generals and perhaps Ehud Barak as well believe that Iran is rational in the sense of being deterrable and that Iran would never nuke Israel. The problem now is that Hamas is being pounded by the IDF and from a rational deterrence perspective should have ceased firing rockets long ago, but clearly hasn't got that message.