World War Four?

Is the Hezbollah/Hamas vs. Israel throwdown the beginning of World War Four?
There is a debate beginning to brew regarding the scope and significance of the brouhaha in Lebanon right now. One one side are those who say that this is kicking off WWIV, on the other, those who either deny that this is the beginning, or dispute the contention that our opponents rate such consideration.

Obviously, history will be the best judge, but my take is that both points of view are somewhat valid. This is part of the continuing worldwide struggle against Islamofascism, Israel is simply one of the focal points. So yes, in that sense, it qualifies as World War. On the other hand, its hard to construe the military struggle as anything akin to that of World Wars One and Two, or the Cold War. The only reason this "struggle" continues is that the West hasn't mustered the will to deal decisively with the threat.