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Even the argument for complete domination doesn't hold much water. Vast military superiority, sure, but domination through the threat of total anihilation of a foe? That's the only thing we coould possibly use a larger more modern arsenal for, an I don't think anyone believes we'd do it.
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I'd prefer to think that the neocons don't
actually have world domination on the agenda, but I wouldn't put it past them. Some of them seem to be of the mindset that true peace will come to the world only when democracy, enforced by the United States, is the sole form of government.
Pax Americana.
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The reason I mention China is that there is strand of neocon thinking that sees China becoming a soviet style superpower in the near future and our enemy. The most sane spin I can put in this is that they want a massive deterent in place for that eventuality.
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I
hope it's the real reason, compared to the other possibilities.