From a realist perspective, there's no reason to take on Taiwan. The main scenario I see as plausible is an economic collapse or social unrest in China due to an economic downturn, where the regime needs to focus attention on an outside scapegoat (IE the west). Even then I don't see this as leading to war- but the resulting tensions could potentially lead to war due to a miscalculation.
More likely, IMHO, is a conflict between China and a regional rival that spins out of the leadership's control and results in a small conflict. This becomes more likely to become a larger conflict if the US cannot deter China. If regional powers like South Korea, Singapore, and Japan feel the US cannot deter China, they will be forced to improve their own militaries and possibly obtain nuclear weapons. A regional arms race makes conflict more likely when compared to the US. While we are something of a hegemon in the region militarily, most people (including to a large extent China) trust us to be impartial.
V/R,
Cliff
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