Wars, or even battles, are not won or lost on the exercise of only one of the tools in the arsenal.
Tanks DO have vulnerabilities, true, and when one is taken out, it is a spectacular show, a great wounded beast bleeding and dying out there for all to see. But the Israelis have not been DENIED the use of this very valuable asset, only that its application must be adjusted to fit the circumstances. The last thing I would ever claim to be is an armchair general, pontificating on things I know little about. That is why there are War Colleges and War Rooms.
A few tanks were lost. Their function shall have to be replaced somehow. But with the pluck and determination the Israelis have shown up to now, the damage to their battle capabilities will be compensated for, and they shall continue to press the attack. The Hezbollah irregulars have suffered much more grievous damage, far more than they yet admit.
I read somewhere recently that Israel has 3500 operational tanks. They may not all be first line Merkavas, the article didn't say what kind they are. The same article said that Israel has modified their F-16s to have more operating range and carry a heavier bomb load than our own versions.