Maybe Bush & Co. are just posturing -- playing chicken if you will -- hoping that Iran will give in. But Iran ratchets it up at every step. What will be the checkmate? Who's to say.
But, here's what concerns me and leads me to fear it's not just an attempt to distract:
Fox News, Freedom's Watch, and Marketing a War with Iran
http://www.dailykos.com/story/2007/9/27/162944/319New Deep-Pocketed Conservative Group Has Sights Set On Iran
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=1941046&mesg_id=1941046Shifting Targets-"They’re moving everybody to the Iran desk"-by Seymour M. Hersh
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=1943839&mesg_id=1943839Podhoretz: ‘I Believe Bush Is Going To Order Airstrikes On Iran Before He Leaves Office’
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1950978Emerging Right-Wing Group Aligned w/AEI Raising Millions to Lobby for War With Iran
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1950788List of leading proponents for waging war on Iran thread
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1941298Regime Change in Iran
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=233209 Is MEK/MKO the source for the propaganda about Iran?
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=194123 Regime change in Iran is what the neoconservatives have been after for some time now -- that's obvious. They still have the ear of this administration. They are really at a loss with options to effect regime change in Iran.
Barring rigged elections or suspended elections, their window of opportunity to fulfill their wet dreams is fading fast.
Maybe this is all just posturing. That being said, to answer your final question, "What happens after (if) he bombs Iran?", God knows. Chaos? Global war and continued aggressive posturing for years to come. Death, destruction. Total disruption of economies. It's hard to fathom, really. It's a scary thought, IMHO.
Edited to add:
Joshua: Shall we play a game?
...
David Lightman: ... Love to. How about Global Thermonuclear War.
Joshua: Wouldn't you prefer a nice game of chess?
David Lightman: Later. Right now lets play Global Thermonuclear War.
Joshua: Fine.
~snip~
David Lightman: What is the primary goal?
Joshua: You should know, Professor. You programmed me.
David Lightman: C'mon. What is the primary goal?
Joshua: To win the game.
~snip~
David Lightman: Come on. Learn, goddammit.
~snip~
(after playing out all possible outcomes for Global Thermonuclear War)
Joshua: Greetings, Professor Falken.
Stephen Falken: Hello, Joshua.
Joshua: A strange game. The only winning move is not to play. How about a nice game of chess?
http://www.imdb.com/title/tt0086567/quotes