While the probability of conflict on the Korean peninsula is still quite low, the latest military and diplomatic movements signal a greater likelihood of an outbreak.
The US moved missile defense ships to a zone near Korea that is optimal for defending against North Korean missile strikes, and South Korean President Park Geun-hye called for a swift military response without concern for politics. Both events demonstrate that the mood of the South Korean public is more bellicose than prior to the 2010 North Korean attacks. The South Korean response, according to public opinion polls, was weak. The South Korean Defense Minister of the time was forced to resign as a result (WSJ).
However, the probability of conflict is still low. The North Korean government and China know that given this history, any new attacks by North Korea would almost certainly result in a strong and potentially fatal US counter-attack. China will have already counselled its client state in North Korea to lay low for the time being.