With the exception of the far left Ha'aretz, every Israeli newspaper is loaded with grim pessimism about the future of the US-Israel alliance. The Jerusalem Post straightforwardly states the obvious:

If the opinion polls are right, Israel and the United States are on a collision course. The predicted election victories of Barack Obama for the US presidency and Binyamin Netanyahu in next February's elections here promise a return of the frosty relations... the failure to honor past commitments to remove illegal settlement outposts will be just one of a number of flashpoints, should he triumph in February, between a new Israeli government and the new American administration.

Israel's top newspaper - the firmly centrist Yediot Ahronot - is a little more expansive about what those other flashpoints will be:

A Tuesday editorial in Israel's largest daily newspaper, Yediot Ahronot, raised concerns that if elected, US Democratic presidential candidate Barack Obama will open up lines of communication with Hamas and any other anti-Israel terrorist organization. "One can assume that the ban on American representatives from holding contacts with Hamas leaders will be rescinded" by an Obama White House... Similarly, Republican presidential candidate John McCain did not meet with any of the current Palestinian leadership during his recent campaign visit to Israel.

They've worked so hard for him - it's only fair that he show up to personally show his appreciation. In Iran they held a school holiday to burn American flags yesterday. In Syria they just made it clear that they're never going to stop supporting Iran. I don't see how diplomacy can go poorly in any of these contexts.

References:
* Summary of editorials from the Hebrew press 4 Nov 2008 [Israeli MFA]
* Heading for a collision course [JPost]
* Israel fears Obama will meet with, legitimize Hamas [Israel Today]
* Summer Camp Funtime For Palestinian Kids - Getting Brainwashed, Learning How To Launch Qassams (Plus: New Anti-Rocket Lasers) [MR]
* Burning flags, Iranians cheer US Embassy takeover [IHT]
* Duplicity in Damascus [Weekly Standard]

Previously:
* So That's Where Obama Learned To Talk Like An Obsessed Anti-Semitic Academic
* Iran Has Secret Fuel Reprocessing Program, Missiles That Will Reach Europe (Plus: Khamenei: Of Course We're Not Going To Respond To Diplomacy)
* 70 Percent Of American Jews Ready To Say "We Didn't Know" When Obama Detonates US-Israel Alliance (Plus: They Most Definitely Know)