If you study China's relationship with North Korea, it's apparent that China now sees the country as a thorn in its side: the border between North Korea and China is a bone of contention, with North Koreans trying to escape into China; the country is an international embarrassment for a country trying to get better accepted into the global arena; and, fundamentally, China's philosophies have changed.
China maintains a tentative relationship with North Korea so that they can continue to exert influence over the country - they are the only country that can have positive influence, most other countries cannot influence without punishment. China want to become the major power in the Pacific area. Many countries in the region, however, have strong allegiances to the USA. North Korea provides a counter balance which greatly reduces the USA's influence. Frankly, I think this is the only reason why China supports North Korea at all, because a world without the North would mean less regional influence for them.
If a major military conflict were to break out, China would just not get involved. They'll sit back, and probably condemn the actions of the aggressors, but provide no real support for either side.
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