Well, North Korea went through with its threats and launched their long-range rocket, failing to reach U.S. territory or break into orbit, both negating any American intervention and all shreds of legitimacy North Korea's stated intentions of "the state long-term plan for the development of outer space," may have had.
That is, if you're going to believe Old Glory's stance on the issue, as Russia seems to agree with North Korea, saying that they're currently tracking the launched communications satellite's trajectories right now. But given North Korea's lengthy list of failed missile launches and generally inadequate technology, the only thing that could have carried any satellite into orbit would have been Kim Jong-il's hot air.
The Obama administration will most likely condemn the test, along with the majority of the world community, and North Korea will bluster about like a delinquent who crossed out the F on his test and replaced it with an A. Eventually regional talks will start up again, some sort of agreement will be reached to decrease military tensions, and in a few years this will all happen again. It's nice to know some things in life are dependable, isn't it?