Yossi Klein Halevi has an excellent piece this week on what Israel hopes for from Obama:
I am convinced that you regard a nuclear Iran as an intolerable threat, as you put it to AIPAC, and that, under your administration, negotiations with Iran would be coupled with a vigorous campaign of sanctions. And you've made the convincing argument that you could summon international goodwill far better than the current administration. No nation would be more relieved by an effective sanctions campaign than Israel. We know what the consequences are likely to be of an attack on Iran--retalitory missiles on Tel Aviv, terrorism against Jewish communities abroad, rising anti-semitism blaming the Jews for an increase in oil prices.
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