"Replaced" doesn't mean aggression, no. It is a pretty big deal though.
If any time was the right time, it is now, as India's blatant betrayal has rung some bells in the corridors of power across the globe.
There are articles, and articles being written on the subject and what we saw in the rape protests is the classic example of the Arab Spring and ex-Soviet republic "color" revolutions.
These protests in Delhi served to move Putin, indoors and they are continuing in the same strain as they were on day one, hyped by Twitter and other similar tools introduced into the recent Egyptian and Tunisian revolutions (parallels have been drawn, as well).
So, although, it seems "huge", I would disagree, as it would be in China's interest to continue to divert American attention and focus on building it's economy, which is what it has claimed to have been focusing on (and is the right way to go if it wants to achieve step-one, and that is, implement the one-China policy).
The pressure on the South China sea could be sustained by China, now that Indian borders are safe and Russian intrusion would be avoided or ignored.
I don't know if you agree but what we are seeing in front of our very own eyes, as some Americans put it, is the revival of the Czar in the person of Putin.
I wonder how that would affect Sino-Indian relations.
From my meager knowledge, it seems as though, there was a meeting between A.K. Antony and the PLA big-shots in a very flash-like visit right after Indians rejected Western bids to Indian defense contracts.