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I think the problem with the strictness of your definition, The_Jazz, is that it doesn't reflect the moral message carried by the word as it is commonly used. The limitation of this definition is an inherent bias in favor of governments, who apparently are above terrorism.
Terrorist activity can be carried out by any individual or group, even if they are part of a government hierarchy. The French Terror of the late 18th century and Stalin's Great Purge of the 1930's are examples.
Don't you think that the use of excessive force used to coerce a civilian population (with, as you said, "zero regard for life") ought to be seen as terrorism?
To clarify, I'm not at the moment talking about Israel and Lebanon; the question is a general one.
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