I think you are missing the perfect storm of reasons why the UK and France (with significant US support, unclear whether reluctant or not) spearheaded this intervention in Libya with regime change as the clear goal.
1)
Do not know enough about it to make any conclusions
2) China has been making significant investment deals with Qaddafi's Libya and nothing puts a dent in that like taking out the signer of the contract.
Except Europe and America actually needs Chinese capital and companies to help with reconstruction after the war.
The rebels would be stupid to go back on any oil deals struck with China while honoring those with other countries, such as UK and France, as that is a clearing making an enemy of China, and to do that for no good reason other than greed is the height of stupidity and ultimately will almost certainly end up cost Libya far more in the long term.
Even if we ignore all the massive negative political consequences such a move would trigger, purely from a business stand point, it makes no sense to royally cheese off one of the worlds largest consumers of your country's chief export product.
The rebels may try to negotiate some sort of sweetener deal to get some Chinese aid in exchange for honoring the old contracts, but that will not set China back much.
3) Despite Qaddafi's major compromises to cozy up to the West, it is at best only to the level of being a business partner. Considering the long history of colonialist/anti-colonialist antagonism between Qaddafi and the West in Africa, France and the UK might as well go for broke when they see an opening to just get rid of him.
And military intervention is supposed to help ease this long history of colonialist/anti-colonialist tensions between Libya and the the west? And I used Libya because it would be a mistake to think only Qaddaffi held such views regarding the west's past colonial role.
4) The one capability that the Western powers have that other countries don't is expeditionary military force and the willingness to use it. Given the loss of credibility of Western powers and elites in the ongoing international financial crisis and lack of clear direction within NATO, there's nothing like a foreign intervention to restore their reputations and show everyone who's the boss. Already the usual followers of the three have fallen in line in supporting the intervention.
Well that is one the points I was making before in that I do not think the west actually has the willingness to use its expeditionary military might in a decisive manner.
As I pointed out before, the general public won't give enough of a damn if no, or few western lives are lost in foreign military adventures, but this is also a major constraint on how effectively the west can apply its military might.
Had there been the political will to stomach even modest casualties, a small expeditionary ground force with the air support already in place could easily have decisively and irreversibly turned the tide of war in favor of the rebels.
The rebels were too ill-disciplined and poorly organized to make much of the shock and confusion that seized the Qaddaffi forces when air strikes first started. His entire front line collapsed almost over night. Had there been even a small professional, well equipped force on the ground to spearhead and lead the attack, the rebels could have pursued and hounded the retreating Qaddaffi forces all the way back to Tripoli without giving them the chance to re-organize, and this war would most likely be over by now.
Instead, the war was handicapped, possibly fatally so, by the political requirement that there would be 'no boots on the ground'. And when western leaders were repeating that same line excessively on TV, they were doing it for the benefit of their home population instead of trying to reassure China and Russia.
In light of this, western expeditionary military might is proving to be a weakness far more than a strength for the west. All that military power does is tempt western leaders into using it recklessly and irresponsibly, and that ultimately undermines and harms western interests at the end of the day no matter how the war ends.
So the UK, France, and the US are making a risky gamble but a calculated one with significant potential payoff.
If that was the conclusion, then it is gravely mistaken.
Unless the west plans to colonize Libya again, their intervention will change little of how things will work after Qaddaffi as it did while he was in power.
China did not get all those oil deals in Libya because of some shady backdoor deal, western companies were in the bidding just like Chinese companies, and if the rebels take over, it will be much the same. They are not going to just gift oil deals to the west and in effect surrender their future.
Before the west could use reconstruction as a leverage, but these days, if they tried to pull that stunt, it will just mean more business for Chinese companies.