Taiwan has grown increasingly militant about their independance in the last decade, though, and the citizens more often identify themselves as Taiwanese then Chinese these days, so it remains to be seen if they'll honestly give a flying **** what China does or does not attempt to do when ROC drops the China from their name.
As a practical matter, the PRC can make things very unhappy for Taiwan, but unless they resort to WMDs, they will probably be unable to seize and maintain a beachhead, much less successfully invade. They simply don't have the trooplift, and Taiwan's army is very capable for that part of the world. I wouldn't put them in the same class as somebody from Western Europe, but they're close. There is also the minor matter that it is widely suspected that the ROC has a small stockpile of nuclear weapons and possibly mobile ballistic delivery systems. A few 20-kiloton bombs would shut down any attempt to invade very quickly.