Israel invades the gaza strip.

This seems/feels so much more important than the tit-for-tat skirmishes (simplifying) that occur every once in awhile between the two sides. I am not finding much in depth news coverage on the subject, or real alarm bells aside from the market plunge earlier in the day. Am I exaggerating the threat? I feel like the South Ossetia battle between Georgia and Russia netted more attention and its outcome had far fewer global consequences.

It's because the region is more volatile than it already is with the Arab Springs happening a few months ago, and Syria still in a civil war.