fareed zakaria did a bangup job of explaining why he thinks deterrence/containment CAN work, so:
Deterring Iran is the best option - The Washington Post
the only other option, IMO, would have to be an intense aerial campaign followed by at least a limited land campaign, if for nothing more than to get boots on the ground to ensure everything was cleared out. if you've gone that far, you might as well go whole-hog and do regime change (although certainly without an occupation afterwards).
current unclas estimates of what we can do by air alone does not strike me as sufficient.