Via Majority Rights, here is an article from a webzine called Stratfor that seems to call the situation exactly right:
Putin did not want to re-establish the Soviet Union, but he did want to re-establish the Russian sphere of influence in the former Soviet Union region. To accomplish that, he had to do two things. First, he had to re-establish the credibility of the Russian army as a fighting force, at least in the context of its region. Second, he had to establish that Western guarantees, including NATO membership, meant nothing in the face of Russian power. He did not want to confront NATO directly, but he did want to confront and defeat a power that was closely aligned with the United States, had U.S. support, aid and advisers and was widely seen as being under American protection. Georgia was the perfect choice.
By invading Georgia as Russia did (competently if not brilliantly), Putin re-established the credibility of the Russian army. But far more importantly, by doing this Putin revealed an open secret: While the United States is tied down in the Middle East, American guarantees have no value. This lesson is not for American consumption. It is something that, from the Russian point of view, the Ukrainians, the Balts and the Central Asians need to digest. Indeed, it is a lesson Putin wants to transmit to Poland and the Czech Republic as well. The United States wants to place ballistic missile defense installations in those countries, and the Russians want them to understand that allowing this to happen increases their risk, not their security.
The Russians knew the United States would denounce their attack. This actually plays into Russian hands. The more vocal senior leaders are, the greater the contrast with their inaction, and the Russians wanted to drive home the idea that American guarantees are empty talk.
Read the whole thing. It seems incandescently obvious at this point that our bluffs aren't going to work anymore. We're going to have to decide what we want out of Eastern Europe, draw the appropriate perimeter, and buy the military that will secure it in the face of a resurgent Russia. None of this will be cheap or easy.
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