If nothing else the Varyag with be used for training purposes. I don't think the Chinese would be stupid enough to deploy it. It maybe the next step in understanding of carrier operations since they are new to the game. How many of their pilots have ever landed on a carrier at sea? Do they have know carrier safety procedures, such fire suppression? I can imagine their first few attempts at landing on carrier at sea will be very interesting. I am suggesting it will be a long time before you see sizable numbers of Chinese Carriers on the high seas.
I believe it will be some time too. I also believe they will attempt to ramp that up as fast as they can and that they will lose quite a few people doing so. We certainly have lost some of our own...and continue to do so. Flight ops are inherantly dangerous, even with experience.