Some analysis from Debkafile that seems to make sense, unfortunately:

DEBKAfile’s military analysts: By flouting US demands to accept mediation, Moscow highlights America’s lack of leverage for helping its embattled Georgian ally. The Bush administration has trapped itself in its foreign policy commitment to dialogue and international diplomacy for solving world disputes but is short of willing opposite numbers.

Russia is following Iran’s example in exploiting Washington's inhibition to advance its goals by force. Therefore, the Caucasian standoff has profound ramifications for the Middle East and Persian Gulf. Moscow’s disdain for Washington’s lack of muscle will further encourage Tehran and its terrorist proxies to defy the international community and the United States in particular.

DEBKAfile’s military analysts reported Saturday: Tiny Georgia with an army of less than 18,000, having been roundly defeated in South Ossetia, cannot hope to withstand the mighty Russian army in Abkhazia.Therefore, President Saakashvili, who had bid to join NATO, must consider both breakaway regions lost to Georgia and gained by Russia.

This is Moscow's payback for the US-NATO success in detaching Kosovo from Serbia and approving its independence. It is also a warning to Ukraine, the Caucasus and Central Asia against joining up with the United States and the NATO bloc in areas which Moscow deems part of its strategic sphere of influence

After seizing South Ossetia and Abkhazia from Georgia, four follow-up Russian steps may be postulated:

1. The two separatist provinces will proclaim their independence, just like Kosovo.

2. Russia will continue to exercise its overwhelming military and air might to force the pro-American Saakashvili’s capitulation.

3. The Georgian president will not survive in office long after losing two regions of his country and national humiliation. Moscow aims to make Washington swallow a pro-Russian successor.

4. Moscow’s trampling of Georgia will serve as an object lesson for Russia’s own secessionist provinces such as Chechnya, Dagestan and Ingushettia not to risk defying Russian armed might.