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Is Iran an Existential Threat?

Bruce Reidel claims that Iran is not an existential threat to Israel or America:

Iran, in contrast, has no major power providing it with financial help. Its arms relationships with Russia and China have been severed by Security Council Resolution 1929. Its only military ally is Syria, not exactly a powerhouse. And Syria is now in the midst of a civil war, its army dissolving. If President Bashar Assad falls, Iran is the biggest loser in the “Arab Spring.” Hezbollah will be the second largest loser. The deputy secretary general of Hezbollah and one of its founders, Sheikh Naim Qassem, wrote in 2007 that Syria is “the cornerstone” of Hezbollah’s survival in the region. While Syria and Hezbollah have their differences, the relationship is a “necessity” for Hezbollah.