This fascinating article in the Sunday Times of London seems credible and unusually specific (although Israel "planning" to deal with Iran is hardly "news"). The Sunday Times is a fairly conservative and responsible publication that's been around for a long time. I'm not sure how or why this type of information has been leaked; the Sunday Times believes that the leak is a calculated last ditch effort to get Iran to change course before action is taken. It's also plausible that some element in the Bush administration leaked this to try to scuttle any immenent Israeli action. The idea of using low-yield nuclear bunker busters is certainly logical. If it fails to destroy the critical underground facilities, it will at least render them useless through radioactive contamination, while limiting the risk to Iran's general population and the spread of contamination beyond the underground locations.
The geo-political fallout is farily unpredictable but clearly, all of the short-term negative fallout will be far less serious than a nuclear armed Iran in the long term. If the Bush administration is too squishy to deal with the matter, than we should all pray that the Israeli pilots do it for us and are sucessful.
UPDATE:
Reacting to this report, Iran says Israel will regret any attack
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