Is War between Israel and Hezbollah Imminent?

Hezbollah leader Hassan Nasrallah a year ago gave clear ideological and religious authorization for escalated confrontation with Israel, and tensions have duly risen since then. Recent weeks have seen Hezbollah provocations reach a level not seen in nearly two decades. How has Hezbollah evolved since the last major fighting in 2006? How prepared is the IDF for war with it? What are the likely implications of such fighting?