I would definitely go, I've traveled throughout the world, including much of the Middle East and I mean it's pretty safe for the most part. Even in countries that are engaged in war like Israel, there are places that you can go safely and places that are more volatile or 'at risk areas'. Clearly you most likely wouldn't want to go right into a battle zone, but in cases like the current situation - where it's died down a bit, it's quite safe - provided your not traveling through the bordering areas of Lebanon/Syria/Israel.
The media makes it look a lot more tense and fierce then it actually is.