Its not a nice situation, but I dont think its anything new. N Korea have been ready to declare war at the drop of a hat.
Its a strange situation, they are a very poor country but have a bloody well funded army. I know they have a huge number in the army and a massive number in the air force.
If there was a war this is the type of war that America is prepared for. I.e. Big assed bombs, and equipment. They werent really prepared for Iraq style small bits of fighting.
Any how we have a lot of allys, so we should be ok. Id be shitting myself If I were in Japan tho. It would be easiest place for them to hit.
Its not nice for us however when we are fighting two wars at the moment. If we have to turn our sights to Korea, then you know Iran et al will be building up and trying to do their own thing :S