Apparently, Hizbollah launched the attacks all along the border (I could only hear what was happening near my own home) usings both mortars and rockets.
Its purpose was to serve as a diversion during which time it entered Israel and kidnapped two Israeli soldiers serving on the border.
Israel is now involved in a number of retaliatory actions (as far as I know, they involve shelling and air attacks but no ground forces).
Given the situation in Gaza after the rocket attacks on Israel and the kidnapping of one soldier by Hamas, it is very possible that South Lebanon will soon be facing a similar situation.
This would be tragic for the people living there, most of whom have no desire for a war with Israel, but on the other hand Israel can not allow its citizens to come under rocket fire and its soldiers to be kidnapped.
Moreover, as Hizbollah operates only with the cooperation/permission of Syria the potential for a much wider-spread conflict can't be ignored.
BEYFlyer and I have a long-standing agreement to meet for drinks somewhere along the border as soon as our respective countries make that possible. Sadly, it seems like today's events have pushed back that meeting even further.