I think the Israeli bombing was a GREAT mission, but there is a huge difference... They knew where the reactor was... we don't know where all the WOMD, if they exist, are in Iraq. And we can think about what would have happened all we want (you're probably right), but the key is that Israel knew what would have happened (from human intelligence, etc.) and they didn't have any other options. The world wouldn't have backed a containment policy, and Israel didn't have the military power to do it on it's own.
It is easy to call it a "GREAT mission" in retrospect, nobody was calling it a "GREAT mission" in 1982 when it happened. The whole world condemned it. As far as containment is concerned, it works until it fails. Then it may be too late to act. And for how long do we have to contain Iraq. It's not like Saddam will die and things will change in the country, his sons will continue to rule the country in exactly the same manner. If one/three months down the road we occupy Iraq and find undisputable proof of nuclear and/or chemical and/or biological programs - then a lot of people will also call the invasion a "GREAT mission" (and a lot of people will claim the evidence was planted). If the WMD is not found in Iraq, then I guess the invasion was not justified legally or morally. But we do know he had the WMD, he was obligated to destroy it and provide the inspectors with proof it was destroyed. I wonder why he could not.