Hopefully Hezbollah will finally reap what it has sown. And this is also exposing that the Lebanese government has been too afraid to face down Hezbollah...and now is paying a price for that. I think the Israelis have finally had it with the duplicity of some of their neighbors...
The trouble is that Hezbollah are extremely popular with the Lebanese people, so no government has had the guts to do anything about them, lest they risk getting obliterated at the ballot box.
On this note, Shimon Peres has made it very clear that this campaign is against Hezbollah (the group) and not Lebanon per se. Clearly, this is just rhetoric, but it's welcome rhetoric.
Anyway, I personally doubt this will escalate into an all-out war, as some people here are suggesting. But that's just a gut feeling I have.
Hezbollah isn't popular with the Lebanese. It's popular with pro-Syrian Shia. It's as equally hated by the Maronites, Orthodox, and Druze which it fought against during the Civil War. Their pro-Syrian ideological slant also makes them enemies of those who supported the so-called "Cedar Revolution" last year.
Unlike most Arab countries you cannot make broad statements like "the Lebanese people support Hezbollah" since the country is so divided and so diverse that it is hard to gauge the support for various groups. Though I can gaurentee you that the Maronites and Druze, especially the Druze who Hezbollah have considered not Muslim, heretical, and lower human beings, to not be that supportive of Hezbollah's actions or the group itself.