Marhaba habibis. I've just returned from an amazing 8 days in Lebanon. Here's what I did:
Signed up for three tours with Nakhal Tours (www.nakhal.com) -- these guys are very good, and I'd strongly recommend them. I went with them to The Cedars/Qadisha Valley, Tyre/Sidon/Maghdouche, and Baalbek/Aanjar/Ksara Winery. All three tours went ahead without any problems. They pick you up from, and drop you off at, your hotel once the tour's done. The lunches were most satisfying as well.
Now as for safety: I never felt threatened by anything in Lebanon (except when I got into random mini-troubles with the police but that's another story). Going to Baalbek/Aanjar in the Bekaa Valley was not an issue either. Sure, it's Hezbollah territory but as some have pointed out, it's probably one of the safest areas in the country. Same goes for the south of the country. But as always, keep track of the news out of the country. The Daily Star is a good option.
Beirut itself is party central. You need to see for yourselves how the Beirutis live it up -- I felt ugly walking the same streets as some of them (OK, maybe I exaggerate but it's true that a large number of them are image-conscious). Do note that you can't go anywhere near the government area in downtown Beirut because it's cordoned off by security personnel. If you want to visit some of the churches and possibly the only synagogue in Beirut, you can't. I tried, at several checkpoints. They simply refused. And yes, don't take photos of the Holiday Inn. I did this too, which is why I got into a bit of a situation with a police fella. Apart from that, Beirut is quite walkable and has some awesome cafes and bars.
So yes, Lebanon is safe, Lebanon is gorgeous, and Lebanon stole my heart.
What are you waiting for? :)