I think whether one considers it possible to contain Iran via air power depends largely on what satisfactory containment is viewed as.
For 40 years the United States was able to contain the Soviet Union, in that the Soviet Union never bombed or invaded one of our key allies. However, the Soviets invaded numerous other countries and had they been crazy enough to destroy the world they certainly possessed enough nuclear weapons to do so. So if a Cold War style containment is what we’re looking for I think it is entirely possible to contain Iran (assuming they are not crazier than the Soviets, which is perhaps a big assumption).
If the United States wanted to prevent Iran from obtaining Nuclear weapons they could probably do so with air power. However, it would possibly come at the expense Iranian civilian casualties and a black eye for America in the international community, as well as possible reprisals against American allies in the region.
I would hope, and I think the Obama administration hope so to, that it is possible to prevent Iran from obtaining nuclear weapons through non-military means. Unfortunately those hope look increasingly dim.