The Israelis have called up a division of 6000 troops to the borders, according to Al-Jazeera, some of which, as I'm blogging now, have crossed into the Lebanese borders, and heavy fighting is going on.
Hizbollah played a great role in the past in securing the release of Palestinian and Arab prisoners from Israeli jails, by operations similar to that one today.
UPDATE (5:30pm Cairo Time): Hassan Nasrallah, Hizbollah's secretary-general, is now giving a press conference on today's operations. He's saying the operation was launched in 9:05am. "The aim is not escalation in the Lebanese south," he is saying, stressing the aim of the resistance strikes are to liberate Lebanese and Arab prisoners in Israeli jails. Nasrallah also called up on Shiites and Sunnis in Iraq to halt their sectarian strife, and unite against the foreign occupiers of their country.