First of all, a war between Israel and Iran would definitely shift the attention of the Arab public towards Israel. Although the general view on the Iranian regime has gone south in within Arab populations throughout the Middle East in the last couple of years because of Sunni - Shiite competition, Teheran’s record on democracy and other factors, anti – Israeli perception is still stronger and rooted deeper in the “Arab street”.
Furthermore, it is true, that the leaders of Saud-Arabia and some Gulf states would probably be happy about a setback of the Iranian nuclear program, it is doubtful that the Arab street from Cairo to Bagdad would also be cheering for such a development. The Shiite populations in the Gulf states, in Syria, in Lebanon would likely to support Iran in such a conflict, rallying support for Hezbollah, the Syrian government and making the political stability in places like Bahrein even more vulnerable.
But an Israeli strike on Iran would likely not be a popular action within Sunni dominated Arab populations as well, such as Egypt or the Palestinian territories. A military conflict initiated by Israel would probably strengthen the political forces more hostile towards Israel, and these developments would be very harmful for Israeli security interests. In general, with the Arab Awakening still holding uncertain outcomes, an Israeli – Iranian showdown, in which the US is very likely to get involved at some point, would likely not strengthen a political narrative which emphasizes a constructive approach towards Israel and the West in general.
Even in NATO ally Turkey, with the general public perception becoming more anti-Israeli recent years, the general political climate after such an attack would not favor Israel. The Turkish government, which is currently desperately trying to pressure Israel and Iran not to corner themselves where a military conflict seems inevitable, would probably try everything in its power to mediate between the sides and coerce the negative implications of such a conflict. Although there is no reason to think that Ankara would tilt towards Tehran in or after such a conflict given the complicated and fragile relationship between the two nations, Turkey’s relations with Israel would almost certainly deteriorate.
Assuming that and an Israeli strike would have some success of delaying the Iranian nuclear program for a couple of years and a major Middle East war could be avoided in the aftermath, Israel would find itself internationally more isolated than now, since almost the entire international community prefers a diplomatic solution. Although relations with the Obama administration would probably suffer a bit given the US administrations clear signals it does not support a military confrontation with Iran at this point, in the end the US would do everything in its power to protect and help Israel. But a war which Israel starts would not win the good will of Russia, China, and even the European nations. The spike in oil prices would do great harm to Europe’s struggling economies, making it even less capable of engaging to the Middle East region which would be crucial for the entire regions stability and political orientation.
In short, Israel would be internationally even more isolated than today.
But above all, all these negative effects could be minor compared to the possible devastating consequences if the military events go out of control. If Israel would like to live as a “normal” country in a "normal region”, its best hope is a negotiated solution, where all parties’ legitimate rights are acknowledged and respected.