It would be very tempting for Red China to jump in while we're stamping out a Middle East fire.
But I suspect they wouldn't till after the '08 Olympic Games. Still.....
(Last meal Chow Main - LOL)
I do not believe N. KOrea will make a move without the PRC's blessings.
Perhaps something else is happening in the Mid East. Perhaps, with us strategically positioned on both sides of Iran, and between ourselves and Israel, also positioned on both sides of Syria...perhaps we have been waiting for Syria and Iran to egg Hezbollah on so that Israel can respond strong enough to draw both of them (Iran and Syria) into a fly trap.
Thanks to US based Walmart and other chains, we are China's cash cow - we are their economy base. I don't see them actively wanting to take us down. But of course they are all just freaking nuts, so who knows?