Scott Wolford argues, in effect, that we aren't seeing traditional interstate wars because big "industrial" armies are "cancelling each other out," not because interstate war is obsolete. (H/t Phil Arena, here, for directing my attention to this post.)
(Update: Scott Wolford writes in the comments to this post that I have misconstrued his point. I may well have. One of the hazards of blogging.)
This ignores several things. First, states are simply less interested now than they used to be in territorial conquest, which is what big armies have traditionally been used for. Look at the figures: Between 1945 and 1996, the percentage of armed conflicts in which territory was redistributed -- i.e. conquered -- was 23 percent; by contrast, between 1648 (I don't like to use this over-emphasized date btw, but anyway) and 1945, the percentage was in the range of 80 percent. This strongly suggests, although it admittedly doesn't definitively prove, that post-1945 armed conflicts have mostly been about matters other than traditional territorial acquisition. (Source: M. Finnemore, The Purpose of Intervention, p.126, citing Robert Jackson & Mark Zacher, "The Territorial Covenant," Univ. of Br. Columbia Inst. of IR, working paper no.5, 1997; see also Zacher's Int'l. Org. article on the territorial integrity norm.) For the period since 1996, I believe the figures would be even lower though I don't have them to hand.
Second, Wolford's post ignores the argument that (at least some) states have progressively internalized norms against permanent territorial acquisition and conquest, and that great-power war has become progressively unthinkable as a live policy option for leaders -- so much so that Mueller (Retreat from Doomsday) argues it doesn't even appear in their minds ("subrationally unthinkable").
Third, Wolford's point that big wars aren't obsolete because you have to consider what would occur in the absence of "industrial" armies is a bit weird. It's weird because there's no proof that if A and B are having a territorial dispute, A would take the disputed territory by force if B didn't have a big industrial army. I'm not sure it's even likely. But to make his point convincingly Wolford would have to cite an instance or two where this has actually happened in fairly recent years (and surely it's possible to find cases of territorial disputes between very unequally armed adversaries), not just speculate about what might happen.
P.s. Off the top of my head, possible examples supporting Wolford's view are the 1990 Iraqi invasion of Kuwait (except that Saddam was hardly a typical leader) and maybe the Russia-Georgia war of '08. I don't find either too convincing. The U.S.-led invasion of Iraq in '03, although a very bad idea, is not directly relevant here because its major aim was forcible regime change not territorial acquisition.