How real is the possibility of a North Korea conflict?

NKRocket Dec2012 LOGO A soldier stands guard in front of the Unha-3 (Milky Way 3) rocket sitting on a launch pad at the West Sea Satellite Launch Site, during a guided media tour by North Korean authorities in the northwest of Pyongyang April 8, 2012.
Tension between Pyongyang and allies the United States and South Korea has mounted in recent weeks since North Korea's February nuclear test. Shorenstein APARC experts weigh in on the possibility of conflict.