Living with a nuclear North Korea could give its leaders the confidence to act more aggressively versus South Korea. It could also, over time, drive both South Korea and Japan, as well as countries farther afield such as Vietnam, to reconsider their non-nuclear postures. The stability of a critical region of the world would suddenly be in doubt.
In a world in which the United States does less, whatever set of calculations, other countries will tend to calculate - to move in one of two ways. Either they will assuage or, to use a more loaded term, appease the strongest power in the neighborhood with all the consequences of that, or they will determine to take matters into their own hands.