Here's an interesting site I found on the Varyag Carrier:
http://www.varyagworld.com/
From the photos it looks pretty rusted. I think if the Chinese can't make money off it (another floating casino?), they'd chop it up for study.
For the Chinese to field a carrier in any conflict against Taiwan or the US, is like floating a big "SHOOT ME" target at sea. I doubt they're that stupid.
No...they are not stupid...but they are also bent on control in the area and they are building a force to challenge our own. I believe within five to ten years, perhaps sooner if they do any kind of refit, they will have carriers in the area.