What is going on in Lebanon?

I don't have cable TV and have been taking a break from mainstream media, apparently at the wrong (or, depending on your cynicism, right) time. I understand the basic political dynamics here, but does anybody have any certainty about what's actually going on here? Behind the scenes, from our state's perspective, from the Arab perspective, from the Israeli perspective? How do the standard libertarian critiques of U.S. foreign policy apply here? For non-libertarians: how do these critiques get it wrong?