Both sides appear to have wisely avoided a gruelling battle of attrition by opting for a tactical truce - not seemingly on account of a preference for peace but because of a pragmatic recognition of the futility of further conflict.

With reports noting that the Israeli government had authorised the mobilisation of close to 75,000 reservists ahead of a possible ground invasion, international attention is currently focussed on preventing this possibility

While the United States stands committed to Israel, though in a much muted tone, there has been outrage in the region, particularly from Egypt, Turkey, Iran, Tunisia as well as the Arab League.

Just when it seemed that the Arab Spring was almost over and the region was entering a phase of political transition, a flurry of developments in the first week of October 2012 has brought the region back into focus.

The primary role of Israel’s current fleet of ‘Dolphins’ is likely to be limited to serve as instruments of ‘signalling’ strategic intent to potential enemies rather than as effective pre-emptive strike or competent second-strike platforms.

Israel is likely to calculate that it would better to wait and use diplomacy to push the major global and regional powers towards some kind of a joint venture against the much feared nuclear designs of Iran.

The Israeli-Palestinian peace process is so dependent on the vagaries of the US political and electoral system that any change in administration in November 2012 would certainly make or delay the implementation of the steps necessary to secure lasting peace.