I don't think we'd see a conflict anytime soon. If it was going to happen, it would have happened by now.
Militarily, the DPRK infantry seem highly disciplined and indoctrinated - it's fair to say that they would not shy from fighting. I doubt there's much in the way of logistical support, but it's not a big country, and alot can be accomplished by grunt-power. I think it would be human-wave tactics all the way.
I don't think China - in their race to become a major capitalist player, no matter what the party says - would get involved at all. In fact, I'd suspect the opposite.
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