Despite all the noise the Palestinians make Israel is concentrating on what it perceives is its greatest threat; war instigated and backed by Iran on two fronts. In the north there are over 100,000 rockets in Lebanon and Syria aimed at Israel. In the south there are over 50,000 rockets in Gaza, where Iran is once again a major backer of Hamas. Iran does not have sufficient ground forces available in Gaza (Hamas) and the north (Hezbollah and Iranian mercenaries in Syria) to invade Israel. The coming war involves Israel invading Lebanon, Syria and Gaza to stop the massive rocket attacks.
Well, I've been expecting this.
The main target, I think, will be Hezbollah in Lebanon where Israel will mount what is essentially a deep ground raid on a large scale to tear up Hezbollah by killing fighters, rear echelon types, and digging out intelligence from the rubble of the Hezbollah infrastructure captured.
I think Israel should avoid targeting any of Lebanon's infrastructure and forces with the goal of enabling Lebanon's formal government to reassert control over southern Lebanon against a dramatically weakened Hezbollah. Otherwise Israel will need to do this again in a decade--possibly with a nuclear-armed Iran operating a fully controlled Syria as an additional asset.
I suspect that any operations in Syria will be from the air only to smash up Iranian assets and forces close to Israel.
And I suspect Israel won't target Gaza, hoping Fatah can restrain Hamas, and react only with limited artillery and air strikes to any attacks from Gaza--unless Gaza fully joins Hezbollah.
UPDATE: There does seem to be "chatter" in the air for something happening soon.