Yes the Iranians are now being allowed to pretend not to make an atomic bomb, so sanctions may be lifted.
Coming soon: the Iraq Iran war redux
What Obama has done is insure that Iran can take over the mess in the middle east, and get rid if ISIS (which is Sadam's guys who started that war). Obama probably sees this as the lesser of two evils...
Unless, of course, Iran gets the bomb and the Saudis buy a couple and we'll see a really really big problem.
As for Israel: the wild card. I doubt the mullahs will nuke Israel, who they know will nuke them back. The real question is if Israel will sit still while they make a bomb
and if the Iranian people will let the mullahs run the place much longer. This deal, alas, will only improve their popularity.