I doubt that North Corea will be a second Iraq. North Corea isn't inherently violent, as the Iraq was and still is and thus poses no immediate danger to the world.

North Corea suffers from more substantial issues than the Iraq and everybody knows that. It is just a matter of whose help North Corea will accept under which conditions. I believe China will play the biggest role here, but it's also unclear to me how much the reunification talks with South Korea will progress and how all of this will play into the eventual death of Kim Jong Il, which will be the neccessary key factor in any real major change.